According to a new study, the Upscale Latino demographic (Latinos who make between $50,000-$100,000 per year) holds 40 percent of overall Hispanic spending power, PR Newswire reported.
The study, conducted by AHAA: The Voice of Hispanic Marketing, revealed that the Upscale Latino market is growing rapidly and requires serious consideration from manufacturers in the categorization, purchasing and branding aspects of their product marketing.
But who are Upscale Latinos? Approximately 15 million members, or 29 percent, of the Latino population in the United States are categorized as “upscale.” Most live in urban areas like New York or Los Angeles, are raising a family, and have have pursued higher education.
The growing demographic is also very invested in the education of their children and their overall success, the report said. They are also likely to be business owners and use the latest technology.
Upscale Latinos experience two cultures, both English and Spanish speaking, and as consumers they draw from a mix of the two. From television, to movies, to children’s programming, Upscale Latinos are likely to seek entertainment in both languages.
Because of this, branding teams must pursue unique and innovative outreach strategies to incorporate the best of both worlds in the ever-changing market.
Meeting the needs of Upscale Latino consumers is important for product developers because they invested in providing the best care possible to a growing family. Small business success, investments and college education are just a few of the many needs that marketers must attend to when targeting Upscale Latino dollars.
(Photo by 401(k)2013 via Flickr)