The complexion of the nation’s top-income households – the traditional target for luxury brands – is changing. While White/non-Hispanic households still dominate the top-income quintile demographic, their share declined from 75% in 2018 to 73% in 2021.
And among the other ethnicities that reached this pinnacle with incomes of ~$150k+, the Hispanic and Latino demographic grew the fastest, up 13% to reach 2.4 million households. Now their numbers are on par with Asian-alone households and ahead of Black-alone at 1.8 million.
And Hispanics are the largest ethnicity in the quintile one step below, with incomes between ~$90k to under $150k. Hispanics hold 14% share (3.6 million) to Black-alone 10% (2.8 million) and Asian-alone 7% (1.5 million). White/non-Hispanic make up the other 69%, with 18.2 million households.
The rapidly rising affluence of Hispanics, their greater representation compared to other ethnicities in the top two