On October 13th, 2015, Nielsen, the global information and measurement company, published an interesting article regarding the unique marketing opportunities that older Latinos represent in the US. “While younger Latinos are commanding widespread attention in the U.S. marketplace… older Latinos’ purchasing and consumption preferences can offer a unique opportunity for advertisers and marketers to extend their reach to a fast-growing consumer group in an increasingly multicultural U.S. society”, says the Consumer section of www.nielsen.com.
Nielsen’s study states — based on the 2014 National Population Projections by the U.S. Census Bureau– that Hispanics 50+ offer today a tremendous business opportunity as this group is not “aging out, but aging up”, a statement based on the article The New American Vanguard: Latinos 50+ Are Healthy, Wealthy, and Wise.
According to these publications, more than half of the 11 million older Latinos in the U.S. were born abroad, and have therefore strong ties and affinity with home country customs, products, and traditions. And with the rising number of young Hispanics in the U.S., it is expected that the number of Hispanics 50 and older will reach 42 million by 2060.
One of the areas in which Latino consumers lead are beauty products. While sales in many categories of lotions, cosmetics, hair care, and even shaving products have declined among the overall population in the United States, the sale of these products has increased among Hispanics of all ages in this country– especially among those 50 and older, who consider skin care “a must”.
People age differently in Latin America. Grandparents and even Grand Aunts and Uncles remain close to their younger relatives, and provide them with help and support whenever necessary. This helps them keep mentally more alert and strong, as well as younger and healthier than older people in countries where Grandparents prefer to retire to the beach.
Nielsen’s study speaks about the differences among Latinos based on age, gender, income, and even preferred language at home. “…they are by no means a monolithic demographic…”, which sounds like a breath of fresh air to many of us after decades of hearing the government group together every single Spanish speaking immigrant into one single category, without making allowances for culture, age, or even ethnicity
Spanish speaking households (who are usually foreign born) spend more on beauty products than English speaking Latino households. It is a well known fact that Hispanics — both men and women — consider personal appearance as very important, and as a sign of self esteem, and overall Latinos today represent a great business opportunity for the beauty products industry and for many other businesses.
As Nielsen rightly points out “those of different ages have diverse needs”, and now, we need to remember only one more thing: Many members of this “aging-up 50+ Latino population” can actually vote!