AHAA! In late May, Puente was lucky to attend a webinar hosted by AHAA, The Association of Hispanic Advertising Agencies. In this informative webinar, we found that new research shows that Upscale Hispanics are a strong economic force that continues to grow. According to AHAA, 15 million homes fit into this market segment. Upscale Hispanics are defined as any Hispanic household making between 50,000 to 100,000 dollars annually. The Upscale Hispanic represents 37 percent of spending power for the Hispanics demographic and are projected to grow from the present population of 15 million to 35 million in 2050. These facts can inspire an “AHAA” moment for numerous companies who decide to act upon this new research!
Youthful Mobile Spending
Upscale Hispanics are influencing the market in an interesting way. Upscale Hispanics are younger in comparison to non-Hispanics making the same income, and 65 percent of U.S born Hispanics are Millennials. This means that marketers can reach out to the youth in a unique way through technology and mobile devices. Upscale Hispanics have spent $3.7 Billion in online and mobile purchases in the past 12 months. Also following this trend, Hispanic Millennials have a higher likelihood of buying online than non-Hispanic Millennials, according to CCN. As we continue to rapidly move into a more mobile generation, we cannot ignore this new trend. Take note: the more companies target Hispanics through mobile devices, the greater the payoff!
In addition to being young, Upscale Hispanics are fiscally responsible. AHAA notes that they are more likely to pay rent, mortgages, and credit cards. This sense of responsibility also carries over to eating healthy and investing in health coverage for their entire family. Upscale Hispanics are stable consumers that have the future at heart. Creating a sense of loyalty to maintain this stable and responsible group can greatly benefit companies hoping to grow business.
Unlike other demographics, Upscale Hispanics buy goods to differentiate themselves rather than to make them feel good, and they invest in products that will provide longevity. Companies and industries reaching out to the Upscale Hispanic have the potential to work with a consumer group that is willing to spend $500 billion annually. The Upscale Hispanic will continue to become a more prevalent economic force. It is important for companies to reach out in the right way. Here at Puente Marketing and Advertising, we can help you do that. Allow us to help you bridge your company to the rapidly growing Hispanic market.