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Latinas Taking Charge

February 28, 2024

Influential Decision-Makers Taking Charge of Household Finances

For a culture that’s traditionally considered machista, there’s no denying that Latinas hold the purse strings of the family budget. We’re the jefas of the household. The queens of la casa. And as such, we are the most influential decision-makers in terms of when, where, and how our money is spent.

Thanks to our increasing educational achievements, our rising purchasing power, and our growing role as breadwinners, this generation of strong women will rewrite the rules of Hispanic spending habits. Wondering how this will pan out? Let’s dive deeper into the Latina consumer’s thought processes, life experiences, and priorities to understand how these factors play a role in our decision-making process and how they guide our financial choices.

Latinas as Decision-Makers

Latinas play a crucial role in household decisions – either as the primary decision-maker or an influential force behind major purchases. As brands make an effort to tap into the $3.4 trillion purchasing power of US Latinos, many already have their eyes set on the women who call the shots. 

According to HispanicAd, it’s Latinas who ultimately decide which family home to buy, what car to drive, and where to send the kids to school. Through a combination of research, financial considerations, and family-oriented motivations Latinas navigate the many options to make the best decisions for themselves and their loved ones.

Latina’s Educational Advancement

Pursuing higher education at a greater rate than Latino men, Latinas’ educational attainment has enhanced their decision-making capabilities. Making informed choices regarding financial investments, insurance policies, and education empowers Latinas to take charge of their financial futures. 

In fact, a study by the Center for American Progress indicates that Latinas’ college graduation rates have increased faster than any other group of women. Higher education, combined with an extensive interest in using the internet, give Latinas more tools than ever to make educated decisions. 

As the Nielsen Batanga Media Hispanic Women Study reports, the most Latinas rate family health (62%) as well as personal health and wellness (54%) as the most important topics to research online. 

Being bilingual also drives how Latinas consume digital information. When it comes to language used to conduct internet research, this study indicates that:

  • 9% search only in Spanish
  • 15% search mostly in Spanish
  • 31% search in both English and Spanish
  • 21% search mostly in English
  • 24% search only in English

Latinas as Breadwinners and Multigenerational Support

Despite earning less money than men (or any other demographic in fact), Latinas continue to step into the role of breadwinner. With a labor participation rate of 60.7%, Bureau Labor of Statistics data points to Latinas over the age of 20 as a significant portion of the country’s labor force. And with greater participation in the job market also comes increased influence in the economy.

As part of multigenerational households, many Latinas provide for their entire families, including extended family members. This social structure further strengthens the importance of family values in Latinas’ decision-making, as this consumer group juggles priorities to care for their children, spouses, and aging parents.

The Latina Decision-Making Process

Latinas exhibit unique decision-making processes compared to other ethnic groups and genders. In a study that analyzes Latinas’ role in the home buying process, New American Funding points out that Latinas often seek advice from family members when making important decisions. They also tend to prefer homes that accommodate extended family living, a mindset that is consistent across the board with most Latina purchasing preferences.

As Latinas make choices to benefit the entire household, they take financial stability and long-term implications into consideration. They approach decisions with a group outlook, seeking opportunities for growth and a brighter future for themselves and their loved ones. This is consistent with Portada’s Insights Report: Marketing in Multicultural America, which indicates that Latinos in general tend to research products and services more than other groups (32.1%, compared to 24.3% for non-hispanic whites). 

Crafting Marketing Strategies with Latinas in Mind

From buying laundry detergent to making smart long-term investments, Latinas run the financial show – breaking stereotypes and taking control of the household budget. And at Moira, we love to celebrate Latinas taking the driver’s seat in their household! 

If you’re ready to build an authentic connection with these powerhouses, we’d love to help you break the marketing old. Contact us today to develop strategies that flip the script and continue to empower Latinas every step of the way.

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