on Wednesday, June 18th, 2014 at 8:48am.
Last year Nielsen and the Association of Hispanic Advertising Agencies (AHAA) identified Upscale Latinos as the most influential segment since the Baby Boomers. Upscale Latinos are becoming a powerful population segment and have grown by more than two million since 2010.
“Recognizing the diversity within the Hispanic population in the U.S., Nielsen and AHAA embarked this year on a second study to further understand the behavior of upscale Latino households, what drives them toward upscale-luxury purchases and what drivers and detractors they share—or don’t share—with non-Hispanic upscale households.” Here are some important points that they found:
The number of Upscale Latinos with an annual income range from $50,000 to $100,000 is growing.
They account for 29% of Hispanic homes and more that 15 million Hispanics.
They spend about $500 billion each year, which represents 40 percent of the $1.3 trillion in Hispanic purchasing power.
At least 60 percent say they have strong ties to their Latino culture, and 30 to 40 percent voice a strong cultural duality.
According to “the upscale Latino 2.0” study by Nielsen/AHAA, this is the percent of upscale Hispanics that say within the next 12 months they will have sufficient resources to:
47% to pay rent/mortgage
39% to live in safe neighborhood/good public school
33% to pay off credit card debit
18% to qualify for a mortgage
One Powerful Segment, Three Different Mindsets
Nielsen and AHAA identified three distinct sub-mindsets with in this group and this is how they describe them:
Luxury Seekers (42%) are mostly drawn to high-end products for individual rewards and to feel good about themselves. Thirty-four percent of upscale non-Hispanics fall into this sub-segment, making them less likely than upscale Hispanics to be luxury seekers.
Sensible Seekers (40%) are pragmatic about their purchases and make high-end decisions when it makes sense. There is a greater distribution of upscale non-Hispanics in this sub-segment at 48 percent.
Social Seekers (18%) see high-end goods and services as timeless and classic; they seek recognition and social status. Upscale non-Hispanics also make up 18 percent of this sub-segment.
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