The United States will be experiencing a significant change in the racial and ethnic makeup of its citizens over the next 10 years. Economic experts have made these projections in the past, yet there seems to be a slow response in mainstream marketing to reach these groups with products and services that will target their income levels. The fact that there are wealthy minorities in the country is not a secret; the desire or will to target this consumer market has had a slow response. However, the company that is willing to begin targeting its products and/or services to this market segment will find that they have an advantage over their competitors.
One tool that will help companies focus their efforts on wealthy minorities is the Diversity Affluence 2009 Economist Report. This report provides research and data on population estimates, income levels and the purchasing power of minority groups such as African-Americans, Asian-Americans, and Hispanic-Americans. Marketing departments can use this report as the ground work for developing a marketing plan. The affluent market is defined as those with a household annual income of $75,000 or more. A program developed to reach affluent customers must consider the different levels of wealth, and how to target each group. This is why clearly identifying each group and knowing how they think is important, and the Diversity Affluence 2009 Economist Report will assist your marketing department with this process.
The purchasing power of wealthy minorities is unbelievable, which makes it hard to imagine why they have been invisible to mainstream marketing for so long. From 1991 to 2000, the buying power for affluent African-Americans increased by 150 percent and 126 percent for Hispanics during the same period. Even though economists and marketers define affluence based on a person’s income level, many affluent consumers do not identify themselves as being rich. They consider their lives comfortable, and shop for value with a good price. Many affluent minorities will pay extra for convenience; however, they are happier if they can get a bargain.
Learning the size and scope of the market is part of the goal of the Diversity Affluence 2009 Economist Report. Marketers would be wise to purchase this report ($495) in order to start planning their 2010 strategies. Their numbers will continue to increase, even as the country is going through an economic downturn. This is the group that retailers want to see shopping more. Motivating these wealthy prospects will help sales to flourish again.
Tags: Add new tag, affluent consumer research, Affluent Prospects, Black Consumers, Black Market Reports, luxury marketing during a recession, minority purchasing power, retail marketing, Segmentation, wealthy minorities
