‘Upscale Latinos’ Contribute 40 Percent of Hispanics’ Trillion Dollar Spending Power, Says Report – Latin Post

April 30, 2014. LATIN POST by Michael Oleaga. AHAA & Nielsen identified “Upscale Latinos” as the most influential segment in the United States. They revealed its second study titled “Upscale Latinos 2.0: A Renewed Outlook for High-End Marketers,” which found 40 percent of the “Upscale Latinos” contribute to the $1.5 trillion spending power by Hispanics.

April 30, 2014. LATIN POST by Michael Oleaga

How Are Wealthy Latinos Spending Their Money?

Earning $100K+ annually, affluent Hispanic are growing in numbers and their economic worth is tipping scales. While only 12.2 percent of Hispanic earners are affluent, that fact has not stopped the small segment from quietly wielding that wealth and influencing both the non-Hispanic affluent market and non-affluent Hispanic spenders. (Photo : REUTERS/Jessica Rinaldi )
AHAA: The Voice of Hispanic Marketing and Nielsen revealed its second study titled “Upscale Latinos 2.0: A Renewed Outlook for High-End Marketers,” which found 40 percent of the “Upscale Latinos” contribute to the $1.5 trillion spending power by Hispanics. The aforementioned segment of Latinos also lead in the overall upscale demographic in optimism and purchase behaviors, which is set to increase its spending further.

According to AHAA: The Voice of Hispanic Marketing and Nielsen, an Upscale Latino is defined as a household earning $50K to $100K. The Upscale Latinos are reportedly bicultural, skew younger with families, and more likely to become dual income earners than non-Hispanic Upscales. Upscale Latinos are said to be “tech savvy” as well as have more of a college experience than the average Hispanic.

“Upscale Latinos have demonstrated significant upward mobility across the upscale economy, making them an enormous opportunity for growth for U.S. marketers,” said AHAA Education Chair and G ADMarketing Communications President Gaby Alcantara-Diaz. “Latinos are living the American story and augmenting it by upgrading their lifestyle, sense of self, and family with the pursuit of luxury — a key distinction that makes this segment so attractive to a broad set of brands.”

In the latest “Upscale Latino 2.0” study, the Upscale Latino is said to live a “healthier lifestyle” and provide their own health coverage for families. This demographic is also “determined” to invest in their children’s advanced education and plan for retirement. The retirement aspect, however, is about as equal compared to Upscale non-Hispanics, but Latinos are placed a higher importance in helping their elderly parents.

Nielsen’s Multicultural Growth and Strategy’s Senior Vice President and General Manager Monica Gil said,  “One of the most compelling attributes of the Upscale Latino is their consistent level of optimism about safety, well-being, and wealth creation. This optimism, confidence, and increased spending make this segment an imperative to the U.S. economy and prestige brands.”

Based on the “Upscale Latinos 2.0: A Renewed Outlook for High-End Marketers” report, Upscale Latinos spent $3.7 billion in online purchases during the last 12 months. The online transactions were spent on airline tickets, beauty and health materials, home accessories, and clothing. Upscale Hispanics are also more probable to have home entertainment electronics, designer clothing and shoes, and home improvements. Of the home furnishings and appliances segment, Upscale Latinos accounted for 40 percent of the purchases, which is 18 percent more likely than the 34 percent representing non-Upscale Hispanics.

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