AUSTIN, Texas--(BUSINESS WIRE)--Two luxury brand managers meet in a bar in New York City. One says to the other:
“So where are you going to open your next retail location?”
And the other replies:
“Wherever Asian-American tourists are traveling.”
When it comes to the new luxury market in the USA, there’s more truth in this parable then is commonly known.
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 are noteworthy for brand marketers.
- Certain brands consistently denote status, quality, prestige and affluence among Forward Facing Immigrants (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.
After reviewing the results of this research, MVI’s President, Liz Chatelain, had this to say about the FFI consumer segment:
“Despite the ongoing Trump bombast, the new luxury market is clearly being driven by the growing wealth and upward mobility of immigrant consumers.” She continued:
“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 11-18 November 2018 and completed by 702 respondents with this 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
The full report is available at MVIMarketing.com
