January 14, 2014
Source: 3BL Media
At 53 million strong and growing, the strength and influence of the U.S. Hispanic population is less and less doubted. More often, the question is: how to begin targeting such a dynamic population?
A recent report from Nielsen and the Association of Hispanic Advertising Agencies (AHAA) unveiled a powerful core segment of “upscale Latinos” that control 37 percent of the group’s $1.3 trillion spending power. Following distinctive purchase behavior, close in age and geographically concentrated, the elite grouping is being hailed as the most influential segment since the baby boomers and represents a very viable bulls-eye target for cause marketers.
What do we know about them?
- 15 million strong and growing (about 29 percent of total U.S. Hispanic population)
- Incomes of $50K-100K, typically supporting a family
- 85% have a household with 3 or more
- Younger than upscale non-Hispanic whites (33 years old compared to 39 years old)
- 75% under the age of 45
- Primarily gathered out West
- 60% live in the Southwest and Pacific Region
- As of 2012, there were approximately 4.8 million Latinos in Los Angeles County, the largest concentration of Latinos in a county (2012 Population Estimates)
- They live in a world of cultural duality
- Not trying to assimilate, enjoying the freedom to be bicultural
- 3/4 speak both English and Spanish
- More than 1/3 watch content in both languages
- Trendsetters and technologically savvy
- More likely to use smartphones and own iPads than their peers
- 50 percent more likely to manage their financial accounts from their mobile device
Hot Buttons: Opportunities for Intersection
I. Their Children: the Emotional, Physical and Financial Future of their Legacy
Upscale Latinos take pride in their success and ability to provide a healthy, stable home environment for their families. Through entrepreneurialism, education and investment they are building their American Dream and will listen to causes tied to higher education, healthy living and financial planning. Behaviors like going to college (more than 50%), making investments (50%) and maintaining savings accounts (86%) point to their forward thinking.
II. Themselves: Personal Indulgence
Though deeply devoted to providing for their families, Upscale Latinos have the disposable income to pamper themselves as well and are outspending upscale non-Hispanic Whites on health and beauty products. Empowered by their greater financial freedom, Upscale Latinos are indulging more on themselves which suggests they will respond to opportunities that celebrate their success and worthiness of special care.