Photo: Upscale Latino Consumers
Highlighting the opportunities generated by the 8.2 million Latino adults living in households with an income of $75,000 or more, Packaged Facts’ Upscale Latino Consumers in the U.S. calls for a shift in strategic thinking about the Hispanic market.
Between 2000 and 2010 the number of Upscale Latino households more than doubled from 1.3 million to 2.9 million, and grew three times faster than the number of non-Latino Upscale Consumer households. Upscale Latino households account for only 21% of all Latino households but now generate 51% of their aggregate income.
With buying power that is expected to reach $680 billion in 2016, Upscale Latinos have an outsize impact on marketing and sales success in the Latino market. Internet marketers and retailers, among others, should place a high priority on reaching out to these shoppers, who account for two-thirds of all Latinos who annually spend $1,000 or more online.
The report shows shows in measurable terms how rising income inequality has dramatically changed the landscape of the Latino market, just as it has transformed the American consumer economy as a whole.