Latinas a Growing Demographic in Car Buying
April 26, 2015—Nearly half (40 percent) of Latinas ages 20-39 feel they know more about the car-buying process than their significant other, according to a new survey commissioned by Kelley Blue Book.
As influential decision makers in household spending, Latinas are rapidly becoming a key driver of the U.S. economy, staking their claim in major family financial decisions like vehicle purchases. With their spending power continuing to grow, Latinas also are catching up with or exceeding Hispanic males and non-Hispanic females in big ticket purchases, including homes and vehicles. In addition, when shopping for a vehicle, Latinas prioritize practical features like fuel efficiency and safety, but also don't want to sacrifice style and comfort.
"Latinas are an influential segment of the U.S. population and are projected to reach 30 percent of the total female population by 2060," said Mark Williams, analyst for Kelley Blue Book. "With the Hispanic market's purchasing power expected to reach $1.7 trillion by 20191, Latinas' growing importance to the automotive industry can't be ignored by automakers and dealerships."
The study could be revealing of a growing demographic at auto repair shops in the near future.
"It is important for the automotive industry to keep in mind that today's Latina car buyer is a practical consumer who knows what she wants and is doing her homework before visiting the dealership," said Williams. "While Spanish-language salespeople are not a priority for her, survey results suggest she could use more confidence when visiting the sales floor. Highlighting the cost savings of environmentally friendly vehicles, touting safety features in new models, and making the car dealership a place where Latinas feel comfortable, are all good ways to reach her."
The 2016 Kelley Blue Book Latinas on Wheels Survey was conducted by Wakefield Research among 1,000 nationally representative U.S. Hispanic women ages 20-39 between March 22-30, 2016.