Multicultural Latinos as influential as Baby Boomers

They’re being called the most influential segment since the Baby Boomers. According to recent Nielsen study presented by the Association of Hispanic Advertising Agencies, The Voice of Hispanic Marketing, “Upscale Hispanics,” in 2012 accounted for 29 percent of the overall Hispanic spending, a number which is predicted to swell to 37 percent by the end of the year. The study defined this population as a household with an annual income between $50,000 and $99,999. Accounting for 15 million of the overall Hispanic population in the U.S.,  they claim a median income of $71,000 and are a viable consumer of markets today.

By 2050 this consumer segment is expected to proliferate to 35 million making a predominant influence in future economy.  Seventy five percent of the people featured in this segment are under the age of 45 as well as have household of four or more people. Young, powerful and on the move nearly all are fully bilingual and consume media both in English and Spanish almost equally. According to the study Latinos identify themselves as bicultural and enjoy advantages unique to living in “dos mundos.”

With worldly mentalities Latinos are tech savvy and stay connected. They appreciate a simplified but constantly online lifestyle and have traditionally been early adopters of technology, consistently over-indexing the general population with mobile device usage by more than 16 percent. In addition to this, according to the according to the study, nearly 34 percent manage their finances using mobile devices compared to only 22 percent of upscale non-Hispanics. They also spend a greater percentage of their disposable income on computers and wireless technology. The study also revealed that Upscale Hispanics are the heaviest consumers of personal care and beauty products eclipsing the general population as well as other Hispanics by an average of 40 percent. Not only do they shop more frequently for these products but they also spend more per trip and are more likely to purchase higher end brands.

Power Latinos exhibit perhaps the most impressive and impactful behavior shifts in history, making them a vital prospect for marketers. Hispanics are outpacing the rest of the population in jobs recovery and their employment rates are higher today than when the Great Recession began. Contrary to general population attitudes and assumptions, Latinos are gaining fast and furious representation in the professional labor markets, a fact that directly correlates with their steady increase in higher education attainment levels. Today 39 percent of Upscale Hispanics are part of the white collar workforce compared to 50 percent of non-Hispanics. In only one year, from 2010 to 2011 college enrollments among Hispanics increased by 15 percent and graduation rates are up year over year for the last 10 years.