Luxury Coach & Transportation

April 2015

Magazine for the professional limousine, charter and tour industry.

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Page 25 of 75

24 LIMOUSINE, CHARTER & TOUR APRIL 2015 WWW.LCTMAG.COM SPECIAL EVENTS: CULTURAL MARKETS Latino Limo Market Teems With Potential Clients With Latino Americans approaching one ffth of the overall population, operators can tap a vast consumer segment steeped in cultural traditions. By Jim A. Luf, LCT contributing editor D epending upon your state, you may have a large Latino popu- lation that can be tapped for marketing chauffeured trans- portation services. The top three states for per- centage of Latino populations are: New Mexico (47%), Texas (38%), and Califor- nia (38%), with the latter home to more than 14 million Latino residents, accord- ing to a U.S. Census Bureau 2012 report. In another report published by Statista, a marketing statistics company, Latinos will spend more than $1.5 trillion in 2015 purchasing goods and services. That's consumer spending limousine operators can capture as well, given the right ap- proach to this multicultural market. How Latino Consumers Spend The life celebrations Latinos spend mon- ey on and the unique ways in which they spend their money are steeped in deep traditions. A Latino family might spend more money on a daughter's 15 th birthday celebration than they spend on their annual household budget. How- ever, it isn't all coming out of Daddy's wallet. In Latino culture, events such as weddings and quinceaneras are "spon- sored" by "Padrinos" and "Madrinas." Loosely translated, these family mem- bers or close friends are "Godparents." A quinceanera is a symbolic celebration of a young girl becoming a young woman during a church Mass. These Godpar- ents take on various responsibilities and expenses. One madrina might accom- pany a young lady to a quinceanera or bridal expo for support while another madrina sponsors cake arrangements. A padrino might agree to "sponsor" or pay for the limousine. Other padrinos and madrinas might chip in for fowers, hair and makeup, deejay services and photographers, mak- ing the entire event a massive produc- tion. This is just one component of how Latinos spend their money. The second component is the fact that 43% of Latinos don't use banks and transact their business in old fashioned green cash, ac- cording to the FDIC (Fed- eral Deposit Insurance Corporation). Quinceaneras Market You can see these lavish birthday cer- emonies spare no ex- pense. While they are in- deed celebrations, they are also religious ceremonies with deep and serious commitments. During a church Mass, young wom- en pledge to become good wives and mothers. They are accompanied in the church service by 14 male and female companions known as damas and cham- belanes, with each representing a year in the previous 14 years of life. The church service is followed by a feast with maria- chi bands playing during the party. In symbolic gestures, the young lady gives a doll to her younger sister signify- ing she's leaving childhood behind. She will also change from fat shoes to high- heeled shoes to represent her status as PHOTO: ┬ęSHUTTERSTOCK.COM / RIE CARROLL

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