Study: Upscale Hispanics are growing and spending on designer goods

 

icordle@MiamiHerald.com

Upscale Latinos are young, digitally-connected and represent a growing and important segment for marketers, according to a study released Wednesday by Nielsen and AHAA: The Voice of Hispanic Marketing.

Identified as those whose incomes range from $50,000 to $100,000, upscale Latinos contribute $500 billion or 37 percent of the $1.3 trillion spent annually by Latinos in the United States. They represent 29 percent of all Hispanics and are expected to reach 35 million in number by 2050, said Carlos Santiago, AHAA research chair and president of Santiago Solutions Group. He was a speaker at a session introducing the study, “Upscale Latinos 2.0,” at an AHAA conference at the Eden Roc Renaissance Hotel in Miami Beach. AHAA is a Fairfax, Virg.-based trade organization for promoting the Hispanic marketing and advertising industry.

Upscale Latinos tend to be younger than their non-Hispanic counterparts. According to the study, 59 percent of upscale Hispanic luxury-seekers are Millennials, compared to 31 percent of non-Hispanic luxury seekers.

They are also active online. Upscale Hispanics spent $3.7 billion in online purchases during the past year and are much more inclined to engage in e-commerce than upscale non-Hispanics, said Stacie de Armas, vice president of community alliances, events and engagement for Nielsen.

In fact, upscale Hispanics are more than twice as likely to purchase designer shoes and clothing than upscale non-Hispanics, she said. And they are also 137 percent more likely to have purchased high-end cosmetics than upscale non-Hispanics, the study showed.

For more information on the study, visit www.ahaa.org.

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