CAPTURING YOUNG, AFFLUENT, MULTICULTURAL SHOPPERS
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Presented at the JCK Jewelry Show, this presentation outlines opportunities for luxury brands to engage multicultural consumers.
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CAPTURING YOUNG, AFFLUENT, MULTICULTURAL SHOPPERS
- 1. CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION A P R E S E N T A T I O N F O R JCK LAS VEGAS 2015 5 | 2 8 | 2 0 1 5 P R E P A R E D B Y CAPTURINGYOUNG, AFFLUENT, MULTICULTURAL SHOPPERS
- 2. 2 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION AGENDA WHY MULTICULTURAL MILLENNIALS MACRO-TRENDS • URBAN RENAISSANCE • MULTICULTURAL AFFLUENTS ACTIONABLE WAYS TO ENGAGE
- 3. 3 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION WHY MULTICULTURAL MILLENNIALS
- 4. 4 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION CURRENT JEWELRY BUYER: “A married person between the ages of 55 and 64 years old who lives in an urban area in the Midwest with a population of 1–2.5 million. This person has a bachelor's degree, works as a manager or professional, has a spouse who also works, and their joint annual income is $150,000 or higher. They own a house and have a mortgage. According to the survey, this person is white and has no children.” - The 2014 US Jewelry State of the Market Report , Edahn Golan Diamond Research & Data - Bureau of Labor Statistics
- 5. 5 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION MAJORITY OF FUTURE GROWTH IS DRIVEN BY HISPANICS
- 6. 6 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION Source: U.S. Census TIPPING TOWARD A WHITE MINORITY
- 7. 7 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION Found in: Nielsen – The Mul1cultural Edge: Rising Super Consumers OVER 106 CITIES ACROSS US NOW MINORITY-MAJORITY MARKETS INCLUDING 22 MAJOR MARKETS
- 8. 8 MINORITY BUYING POWER REACHING NEW HEIGHTS, OUTPACING INFLATION HISPANIC $1.3T (+155%) AFRICAN-AM $1.1T (+86%) ASIAN $770B (+45%) NATIVE AM $100B (+149%) YEARS OF EFFECTIVE BUYING POWER STRONGEST AMONG MULTICULTURAL CONSUMERS
- 9. 9 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION TOMORROW’S JEWELRY BUYER: MILLENNIALS • Ethnically and racially diverse – 19% Hispanic, 14% African-Am, 4% Asian, 3.2% Mixed Race/Other, 60% White, Non-Hispanic • Entering critical life stages/ milestones – commitment/marriage, children, financial security, personal achievement & personal reward
- 10. 10SOURCE: 2015 Survey of Affluence and Wealth, Time Inc. and YouGov. AFFLUENT MILLENNIALS DRIVING SPENDING ACROSS ALL LUXURY CATEGORIES
- 11. 11 MACRO-TRENDS KEY CONSID ER ATI ONS URBAN RENAISSANCE MULTICULTURAL AFFLUENTS CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION
- 12. 12 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION 12 RE:GENERATION
- 13. 13 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION Found in: Nielsen – The Mul1cultural Edge: Rising Super Consumers RE:GENERATION A Generation that re-imagines, re- appropriates, re-defines and re- vitalizes their world.
- 14. 14 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION TREND INSPIRED, FORWARD THINKING, CREATIVE INDIVIDUALS LEAVE YOUR LABELS BEHIND THEY LOVE THEIR CITY, THEIR NEIGHBORHOOD, THEIR NEIGHBORS
- 15. 15 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION THEIR OASIS, A PLACE OF CONSTANT DISCOVERY OPTIMISM RUNS HIGH FINANCES FOLLOWS
- 16. 16 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION They are The trendsetters, The innovators, The risk takers Legacy as much as their destiny They don’t take themselves too seriously But they take their world very seriously They are The dreamers, The doers, The makers Digital natives with access in the palm of their hands
- 17. 17 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION RE:GENERATION DRIVES & IS DRIVEN BY THE EXPERIENCE ECONOMY* *1998 Pine and Gilmore argue that businesses must orchestrate memorable events for their customers, and that memory itself becomes the product — the "experience".
- 18. 18 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION 18 MULTICULTURAL AFFLUENTS
- 19. 19 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION BY THE NUMBERS 1.5M affluent ($150k+ HH income) multicultural households $400B combined income $104B affluent Hispanic purchasing power $90B affluent African –American purchasing power Higher proportion of Asian Americans HH earning $100K compared to Non-Hispanic
- 20. 20 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION DESIRE TO ASPIRE Devote much of their disposable income to affordable luxuries Represent expression of freedom and accomplishment Limited edition or one-of-a-kind items highly desirable Diamonds remain a central part of wedding ceremonies in many Asian cultures Active philanthropists and participants in cultural business and society organizations – e.G. Council of Urban Professionals, Hispanic Federation and Sigma Pi Phi Fraternity
- 21. 21 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION 21 ACTIONABLE WAYS TO ENGAGE
- 22. 22 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION WAYS TO ENGAGE • GO BEYOND THE MIRROR • DON’T TELL THEM WHAT OR WHEN TO BUY • SHARE YOUR STORY • CHANGE THE RULES OF MARKETING: REACH • RELEVANCE • REPUTATION • RELATION • REFERRAL
- 23. 23 CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION JOIN THEIR CONVERSATION
- 24. QUESTIONS? CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION
- 25. THANK YOU FROM YOUR FRIENDS AT CONFIDENTIAL-PROPERTY OF MERCURY MAMBO NOT TO BE REDISTRIBUTED WITHOUT PRIOR PERMISSION FOR MORE INFORMATION CONTACT: LIZ@MERCURYMAMBO.COM