At more than 60 million people, 18 percent of the total U.S. population identified as Hispanic or Latinx in 2019, according to the U.S. Census Bureau. And it’s a growing group — by 2060, individuals with origins in Spain and Latin America are expected to make up more than 27 percent of the population, according to the Census Bureau. Latinx buying power is projected to increase from $1.5 trillion in 2019 to $2.3 trillion by 2024, according to Nielsen.
It’s also a group that outspends its peers when it comes to buying beauty by about 30 percent, according to Nielsen.
WHAT THE LATINX CONSUMER IS BUYING
Latinx shoppers make up roughly 14.1 percent of select beauty consumers, meaning those who buy brands that are available at drugstores or big-box chains, but account for 18.5 percent of select beauty