Archive for October, 2013

¿Hablas español? In Targeting Hispanic Affluents, it’s a Good Idea

Thursday, October 31st, 2013

target marketing to affluent hispanic latino american consumers with mailing list database

The number of ultra affluent Hispanic American consumers is steadily rising.

A recent Engage: Affluent blog notes that nearly one-fourth of Affluents can be described as multi-cultural, with Hispanics, African-Americans and Asians constituting the highest percentages. Nearly one-in-ten Affluents were born outside the U.S. Of those who speak a foreign language at home, nearly half speak Spanish. I just read that the affluent Latino market is growing 8% faster than the rest of the affluent market.

Which made me think — I’ve seen a lot of marketing geared to the luxury sector over the years, and most of it treats the audience as a homogenous group of wealthy consumers. Very few campaigns strive for relationship-building within a minority affluent audience. But nowhere is this easier to do than with the Hispanic Market.

We count nearly a million very high net worth Affluent Hispanic Americans in the U.S.

You’ve no doubt heard a lot about the rising spending power of the American Hispanic market. Well this is where that power would be concentrated. It’s comprised of college educated, second and third generation, bilingual/bicultural professionals, immigrant entrepreneurs, and established small business owners.

“Speaking” to wealthy Hispanic Americans in a language they understand with imaging they can relate to is about as relevant as it can get. It may also be as lucrative as it gets in targeting this minority market. According to Culturally Relevant, Hispanics with a household income of $100K+ represent over 12% of all U.S. Hispanic households.

Based on their affluence, one could safely assume that this audience speaks English and therefore no need to message them with a different version of the creative. But there is a bigger phenomenon going on here. As branding expert Carlos Ulibarri points out in a recent column,  “This segment represents a unique blend of two cultures. Not only Hispanic or simply American, this is the Hispanization of North America and the Americanization of Latin American.”

Therefore, add a bit of Latino flair to your American luxury marketing and it will go a long way with this bi-cultural group. But first, ensure that you’re targeting right Hispanics with the power to buy luxury brands.

¡Buena Suerte!

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