Hispanic Affluence & Influence Steadily on the Rise [INSIGHT]

Beyond the expected fact that incomes continued to rise for Asian Americans and Hispanics at the fastest rate among racial/ethnic segments in the U.S. is a hidden jewel for marketers.  Latino Upscale & Affluent Household formation continued to increase 2.4 times faster than White Non-Hispanics’. First, Hispanic Affluent Households, earning over $100K annually, have expanded at 9.2% annually since 2011, twice the 4.5% rate of Affluent expansion seen by White Non-Hispanics. Second, looking at “Upscale” households, the pace of increase has been so phenomenal that Hispanics accounted for 1 in 2 new Upscale Households formed in the U.S. since 2011. Third, in 2015, the median income for Hispanics rose to $45K, the largest rate of growth after Asian Americans at 3.1% annually since 2011.

With growing population, wealth, collectivism and connectivity it should not be surprising that Hispanic Upscale & Affluent homes are also exerting record influence in America’s new mainstream. SSG’s longitudinal statistical analyses of GfK MRI revealed that Latino Upscale-Affluents already have significantly higher incidence of influence which also happens to be rising in key categories.

In other words, if you don’t understand the nuances of Latino Upscale purchase triggers and detractors, per AHAA-Nielsen’s 2013 Upscale Latino’s 2.0: A Renewed Outlook For High-End Marketers study (ahaa.org), you will be outsmarted by your competitors. If you assume that Latino Upscale-Affluents are all English Dominant, you will miss nearly half of them. If you don’t understand Latino Millennials, you will miss nearly half of the Latino Upscale-Affluent opportunity. If you think Latino Upscale-Affluents are all are US Born, you will need to readjust your approach to 46% Foreign Born and 64% dual culture Latinos. Bottom line, if you like money, sharpen your plans now because the Era of Latino Wealth is here now and it might just shatter your expectations!  

READ MORE to see charts, key influence categories & expanded Upscale-Affluent stats.

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