Ethnic Luxury Trends

Multicultural and mass marketers generally refer to ethnic consumers as "minorities". But within this large demographic, however, is a growing body of affluent ethnic consumers - and they need to be viewed quite differently. In their strategic planning sessions, luxury suppliers should devote special emphasis to this group, which spans all ethnicities. This under-the-radar yet highly-influential consumer segment offers a wealth of opportunities and increased sales for luxury suppliers. Diversity Affluence estimates that less than 3% of marketing budgets are currently dedicated to engaging this audience because luxury brands tend to be focused on either super-affluent or more obvious affluent consumers. In today’s market, marketers need to be a little more aggressive and make sure there brand stands out in a tasteful way.

For example, Hispanics represent the biggest minority in the US, now numbering some 42 million. Of those, 8% earn more than US$100,000 per year and will spend US$300 billion in 2007, representing almost two-thirds of all Hispanic buying power.

To help luxury marketers better allocate their dollars, they need to embrace an aggressively and proactive attitude to research, analysis, and strategies. According to recent studies, they anticipate this as the single biggest effort luxury marketers need to tackle.

Luxuria Marketing
www.LuxuriaMarketing.com
info@LuxuriaMarketing.com