Breaking Stereotypes: The Luxury Marketing Council Addresses Latino Opportunity
By Lili Gil
Many impressive gathering of professionals and Hispanic market gurus take place almost monthly around the nation. From ANA meetings to AHAA, HPNG, Latinvision, Geoscape and many more, marketers wanting to congregate and dive deeper into the Hispanic Market have a wide range of options to sharpen their saw. However, is our message penetration other outer circles of non-believers and curious executives? While our Latino industry gatherings are fundamental to continue to foster collaboration, benchmarking and peer-to-peer networking, it is quite exciting to bump into unusual and non-Hispanic gatherings that recognize our market as a priority to highlight.
This is the case with The Luxury Marketing Council in New York City. The Luxury Marketing Council is a a business-building, revenue-generating organization, a community of CEOs and senior sales and marketing practitioners considered the global leader in the rapidly-growing arena of luxury marketing and the "Gold Standard" for the intelligent exploration of best marketing practices and trends in the luxury marketplace. With members such as Bentley Motors, Inc., Clarins, Tiffany & Co., Bergdorf Goodman, Cartier, Giorgio Armani Corp., Waldorf Astoria among many other prestigious brands and organizations, this month's agenda focused on Latinos as a golden nugget for growth.
The meeting was held at the Manhattan Movement and Arts Center where the José Limón Dance Foundation and Company opened set the stage prior with a passionate performance of "Variations on a theme of Othello". Limón is considered one of Mexico greatest artistic exports, and a role model for Latino communities across the country; which serve as a great opener to the business presentations that followed.
Breaking stereotypes of the poor-undocumented and unacculturated immigrant, the forum focused on understanding key insights about the fast growing affluent Latino demographic as a prime opportunity for luxury brands.
Times of recession and economic downturn call for new ways to boost growth; and this is exactly what the council identified as a viable source for its members. However, while numbers are powerful the basic question remains, can minorities and Latinos afford it? The answer is YES. Currently, the affluent Latino market is growing at a rate 8% faster than the non-Latino affluent population. (Miami is the most affluent Latino market in the country, where most of the top government and business posts in the city are held by Latinos).
In fact, companies that take a leadership role in reaching the fast growing affluent market can secure the loyalty of a vibrant group of over 5 million Latino household that make over $110,000 per year. Studies prove African Americans and Latinos spend 47 percent of their income on luxury products. Also, studies prove that adults between the ages of 34-55 spend 67 percent of their tax returns on luxury products. Many people could not afford vacations because of the crisis in America. On the contrary, minorities are somehow able to afford luxury products.
According to an AdAge article, during the past decade, the Hispanic $110,000-plus households grew 221% compared to 87% for total U.S. $100,000-plus households. This has increased the penetration of Hispanic households among the total $100,000-plus households in the U.S. from 3.7% to 6.5% during that time.
So, believe they are out there, but it is your job to go out and find them.
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Rapaport, April 22, 2009: Luxury market expert discusses recession.by rapaportgroup1,454 views
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