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US Hispanics Represent the 16th Largest World Economy

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Hispanic women in the United States and Mexico represent massive purchasing power in the beauty world.

There's been a lot of talk lately about the power of the Hispanic beauty consumer. There are many good reasons for this.

First, one in six Americans is Hispanic. Taken together, this population has a purchasing power that would rank it as the 16th largest economy in the world. That's bigger than Turkey and just a bit smaller than Indonesia.

(That's the sound of thousands of marketers scrambling to meet these consumers' needs.)

With a rapidly increasing purchasing power, these US Hispanic consumers will eventually number more than 130 million.

Nail care products, eye products and facial makeup are all experiencing growth.

At the same time, Mexico, a key US neighbor, harbors Latin America's second largest economy and features female consumers who spend more than 48 minutes each day in the bathroom.

These topics, among others, will be the subject of two talks taking place at in-cosmetics North America, taking place September 7 and 8.

"The beauty and personal care market in value weighs 7.7 billion euros," said Sandrine Haller of Cosmetic Info Paca. "It is up 5% and the forecast for 2017 is + 41%."

Skin lighteners are used only to correct blemishes, not change complexion.

Mexico's beauty products, particularly perfumes and body creams, come primarily from France, the United States, Belgium and the United Kingdom. France exports €138 million in dermo-cosmetics to Mexico each year, according to numbers provided by in-cosmetics.

Other popular products include skin care, body care, face care products, multifunctional products and skin lightening offerings. Nail care products, eye products and facial makeup are all experiencing growth.

Mascara is also highly popular, while eye shadows that offer added-value are boosting demand. Skin lighteners are used only to correct blemishes, not change complexion.

Mexico's sales of luxury cosmetics rose 2% in 2014, according to NPD Group.

 

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