Survey Looks At Buying Habits of Asian and Hispanic/Latino-American ConsumersNovember 29, 18
(IDEX Online) – MVI Marketing LLC (MVI)’s team recently completed a consumer research study asking wealthy, millennial age, Asian-American and Hispanic/Latino-American consumers about their shopping preferences and behaviors. The results, MVI says, are noteworthy for brand marketers.
- Certain brands consistently denote status, quality, prestige and affluence among Forward Facing Immigrant (FFI) consumers in this study. Asian American women associate these attributes with Tiffany, Swarovski, Gucci, and Cartier.
- Hispanic American women also include Michael Kors, Louis Vuitton, and Chanel among their most favored brand names.
- While the FFI consumer relies heavily on the research gleaned by online reviews, their purchasing of various products is somewhat different.
- They are most likely to purchase luxury travel, spa experiences and hotels via mobile device or on the internet. Yet other areas such as fashion and jewelry still require the touch and in person experience.
- This demographic segment is sophisticated, discerning, and rapidly growing into a significant segment of the American luxury consumer population.
- The FFI consumer wants to feel valued as a customer and this sentiment is ranked as the most important shopping experience factor.
- Both Asian Americans and Hispanic Americans also value a personal stylist, private shopping rooms and post sales follow-up.
MVI’s President, Liz Chatelain, said: “Despite the ongoing Trump bombast, the new luxury market is clearly being driven by the growing wealth and upward mobility of immigrant consumers.
“Brands hoping to reach the FFI luxury consumer segment must embrace their uniqueness and recognize the achievements of their families in the USA. They often shop for status brand products that are popular and in-demand in their country, to wear or bring as gifts when they travel back.”
The study was conducted online between November 11-18 and completed by 702 respondents with the following demographic profile:
- 25-40 years of age
- $80,000 household income and higher
- Female and Males
- USA only
- Self selected as Asian-American or Hispanic or Latino-American