Happy Hispanic Heritage Month! In the United States, we dedicate this month to celebrate the Latinx community, their individual accomplishments, and their contributions. Beyond celebrating all of the event pros and couples who identify themselves as Latinx in the wedding industry, let’s take a moment to rethink how you see Latinos in your wedding business and why this cohort of the population deserves your company’s attention.
Many small businesses aren't paying attention to the opportunity in this market, which means that those that do decide to create content and targeted marketing for this community, can win big. With the latest conversation on racial equality in the wedding industry, from couples to pros, there sure is a very compelling argument to have about diversity and inclusion for the BIPOC and all marginalized communities. But, this article isn't about racial equality, as much these conversations are needed right now. This article is about how diversity and representation can impact your revenue. More specifically, it's about the fastest growing market in the United States, the Latinx community. Is your business ready for them?
The Largest Minority Group
Many people don’t know, but Latinos account for the biggest minority group in the U.S. and 19% of the population. With 61 million people, we're one of the fastest-growing ethnic groups. In fact, the Latinx population is increasing at such a rapid rate that by 2050 we’ll make up a third of the U.S. population. Latinx consumers are in the early stages or on the cusp of adulthood—the median age of a Hispanic is 30 years old (the epitome of engaged couple age) as compared with 44 for a white non-Hispanic. Wedding brands and retailers that make a connection with these consumers can bank on a huge group of profitable clients.
The 8th Largest Economy in the World
U.S. Latinx cohort makes the 8th largest economy in the world, larger than Canada and Australia. Hispanics have 2.6 trillion dollars in buying power, the largest buying power of any minority group in the country with an increase of 212% since 2000. Furthermore, the Latinx market is growing 72% faster in consumption rate than the rest of the U.S. economy.
What does all this mean for you and your business? In a few words, Latinos have more buying power than any other minority group in the U.S., and we're spending more and more every year.
Gen Z & Digital Marketing
Apart from financials and population growth, it's important to understand the importance of this market as you move your wedding company into the digital space. U.S. Hispanics are ahead of the curve when it comes to anything digital. They're highly engaged on mobile, they lead in the adoption of new devices, and they over-index on consuming video content.
In addition, as everyone is starting to talk about reaching Gen Zs in the industry, it's also essential to point out the fact that 1 in every 4 Gen Z is a Latinx, and in fact, 1 in 5 Millennials is a Latinx as well. So as you think about your current and long game, and look for marketing strategies to attract Millennials and Gen Z, keep in mind that 20-25% identify themselves as Latinx and they love video and are ahead in technology.
How to Break Into the Latinx Wedding Market
Now that you know why it's important to have a strategy to serve this segment of the population in your business, let’s talk about how to do it. There's no magic formula, but these essential guidelines will help you land on the proper side of that fine line between tokenism and authenticity.
- Realize that Latinx are a diverse demographic. While most U.S. Hispanics are of Mexican descent (60%), this group represents other countries and regions as well, from Puerto Rico, Dominican Republic, and Cuba, down to Central and South America. You must think multiculturally when targeting Latinx. There are also regional factors to consider, so make sure you target that group that's most concentrated in the region you serve.
- Translating your marketing campaigns to Spanish is not the way to go, in fact, it might backfire. 71% of Latinx speak English and most of those are young Hispanics who are the second, third, or fourth generation in this country with English as their preferred language. A culturally focused message yields a deeper connection with your audience than a Spanish translation.
- Understanding their culture is essential. Let’s start by addressing how important family is for this community and how much parents’ and grandparents’ approval of the details in the wedding planning process means for these couples. There are also traditions to take into account. Each country has its own, but we share some common rituals. Latinx love celebrating in a big way and food and music play essential roles in every occasion. Educate yourself on the traditions of this market to better serve and authentically connect with this demographic.
- Test your idea with Hispanics first. Working with Latinx team members or colleagues and testing your strategies with them first will help you identify and resolve communication issues, as well as regional and cultural differences.
- Leverage the authenticity of influencers and publications. Leveraging Latinx-owned media in your campaign is like having a mutual friend introduce you to the group. Besides their reach, Latinx publications can help give your brand authenticity and gain the trust of your audience. A friend of theirs is a friend of yours.
- Work with experts. Most importantly, if you want to authentically connect with the Latinx market and drive your brand forward, hire Hispanic marketing experts and consultants that can help you understand and reach this market in an effective way.
CEOs know the old adage, “Demographics is destiny.” So make sure your business strategy is aligned with today’s demographics and prepare for the future of the wedding industry by tapping into the Latinx wedding market.
Want more information on this topic? Catch my video on Aisle Planner’s IGTV on 10/19 with more specific examples on how you can tap into the Latinx Wedding Market.
Hero photo courtesy: Carlos Lozano Photography
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