Martin Quintana came to the United States at age 17 with just a dime in his pocket. Today he owns several businesses and investment properties. He lives on a ten-acre homestead where he supports three generations of family.
Quintana’s journey reflects a growing demographic in the United States comprised of affluent Latinos. They have purchasing power, and appreciate the value of quality luxury brands. Businesses who understand what motivates this community and how to market to them effectively, will reap the benefits.
According to a recent Merrill report, the number of Hispanics in the US earning $125,000 or more jumped 81% in the last five years, compared to a growth of 53% among the general population. Affluent Latinos represent roughly 15.5 million – or a notable 25% — of the empowered consumer base.
A diligent work and savings ethic characterizes this community, and they cherish the value of leaving a legacy for their children. Many sacrificed greatly themselves, or saw their parents do so, in order to achieve a secure future for their families. Like Quintana, they often maintain multi-generational households.
Members of this community are bicultural, have traveled, speak more than one language, and have seen or experienced poverty as well as enjoyed the fruits of their labor. They see themselves as both Hispanics and as Americans. To affluent Latinos, the cost is not so much the issue, as the value represented by a product or service.
Prudent luxury brands will discover what drives this demographic and motivates their spending habits. How might businesses tailor their advertising experiences to reach this rapidly rising and largely underserved consumer? To learn more, keep reading here.