Port Washington, NY–There’s a major consumer segment that are representing an increasingly important segment of consuming buying in women’s footwear: Hispanic women.
According to the report released today by The NPD Group, Inc., the global information company, Hispanic woman now account for nearly one in every $5 spent on women’s fashion footwear. That amounts to an estimated $3.3 billion in the year June 2012 to May 2013, representing 18% of total women’s fashion footwear.*
“Hispanic women are a relevant, growing group of consumers,” said Marshal Cohen, chief industry analyst at NPD. “They are young, have increasing spending power, and believe in brand names and their value.”
The Hispanic consumer is spending more dollars at retailers offering brand names with the fashion footwear styles they want. Channels that focus on brand names and command higher price points, such as department stores, are benefiting from the higher spend and posting stronger growth.
For the year June 2012 to May 2013, department store posted a 14% gain in Hispanic women’s footwear spending. Mass merchants, on the other hand, had a 16% decline. In comparison, white, non-Hispanic women’s spending declined 1% at department stores and gained 2% at mass merchants during the same time frame.
Fashion Footwear–Important to the Hispanic Community
“It is important to know if you are getting your fair share of the Hispanic consumer and if you are maximizing the potential on a local level to capture this critical opportunity,” said Cohen. “The Hispanic space is significant for retailers and manufacturers, but they must focus on Hispanic markets and understand what is driving the growth on the market level.”
Looking at footwear sales in total, the No. 1 most popular style are fashion boots, followed by pumps, slip-on/loafers, ballerina/skimmers and thongs.
Taking a look at the combined “market cluster” of El Paso, TX, Harlingen, TX, and Miami, pumps have the No. 1 spot, followed by fashion boots, thongs, ballerina/skimmers, slingbacks. In such highly populated Hispanic areas like this cluster, retailers should be sure to feature styles that Hispanic women love.
“Fashion footwear is important to the Hispanic community, and opportunity is driven by local-level insight, so leverage behaviors that make Hispanics special, like their shopping style. Community-based strategies can be developed to maximize marketing dollars and nourish connections with valued customers,” Cohen added.
About The NPD Group, Inc.
The NPD Group provides global information and advisory services to drive better business decisions. By combining data assets with unmatched industry expertise, NPD helps clients track their markets, understand consumers, and drive profitable growth. Sectors covered include automotive, beauty, consumer electronics, entertainment, fashion, food/food service, home, luxury, mobile, office supplies, sports, technology, toys, and video games. For more information, visit www.npd.com and npdgroupblog.com.