U.S. Hispanic Spending Growth Dwarfs General Market
While the American economy floundered, and consumers as a whole tightened their belts, the growth in Hispanic spending was twice the growth in general market spending, according to a December 2009 analysis of consumer expenditures and corporate growth strategies by the Latinum Network.
The Latinum analysis shows that non-Hispanic consumer spending from 2005 to 2008 grew only 2.9%, while Hispanic consumer spending increased 6.4% in that same period. The Latinum report is the first in-depth analysis of the latest figures from the U.S. Bureau of Labor Statistics on spending behavior as it relates to the Hispanic community.
The Latinum report reveals that significant commercial opportunities exist in major categories where Hispanic consumer spending growth far outpaced the general market. The major categories include cereals, computers, education, fees and admissions, food away from home, laundry and cleaning supplies, major appliances, vehicle finance and insurance, women's apparel, and a range of other categories. For example, from 2007 to 2008:
* U.S. Hispanic consumers were responsible for 30% of the $40bn growth in the food business
* U.S. Hispanics spent 58% more on education compared to a much more modest increase of 9% for non-Hispanics
* U.S. Hispanics increased their entertainment spend on fees and admissions by 14% as compared to a 7% decline for non-Hispanics.
Click here to view the complete article
The Latinum analysis shows that non-Hispanic consumer spending from 2005 to 2008 grew only 2.9%, while Hispanic consumer spending increased 6.4% in that same period. The Latinum report is the first in-depth analysis of the latest figures from the U.S. Bureau of Labor Statistics on spending behavior as it relates to the Hispanic community.
The Latinum report reveals that significant commercial opportunities exist in major categories where Hispanic consumer spending growth far outpaced the general market. The major categories include cereals, computers, education, fees and admissions, food away from home, laundry and cleaning supplies, major appliances, vehicle finance and insurance, women's apparel, and a range of other categories. For example, from 2007 to 2008:
* U.S. Hispanic consumers were responsible for 30% of the $40bn growth in the food business
* U.S. Hispanics spent 58% more on education compared to a much more modest increase of 9% for non-Hispanics
* U.S. Hispanics increased their entertainment spend on fees and admissions by 14% as compared to a 7% decline for non-Hispanics.
Click here to view the complete article
Tags: Hispanic, economy, latino, spending
Views: 50
Replies to This Discussion
-
Permalink Reply by Miguel A. Corona on
-
I saw this report as well Ricardo so thanks for sharing it. In many ways, the report symbolizes the significant impact Hispanics make on the economy. To me, the report indicates that Hispanics have certainly "softened the economic blow" by maintaining their spending and economic activity. It demonstrates the loyalty and commitment Hispanics have toward brands and products - even in tough economic markets. Finally, I hope it creates additional awareness of the need to bring more Hispanic professional talent into the organizational fold. Thanks again.
About NSHP
With 19,000+ members, the National Society for Hispanic Professionals is the top US networking association for Hispanic professionals. It's free to join and this is a great place for you to connect with new people who share your interests, BUT it's not for selling or promoting your business. Join us today and ask here if in doubt about our policy.
Upcoming Job Fairs
It pays to be funny
Write a funny caption or dialogue for these career cartoons and you may win $50!Bilingual jobs
Birthdays
With 10,000+ members, the top US networking association for Hispanic professionals and free to join.
Badge
Portada Hispanic News
© 2012 Created by Ricardo Villalba - NSHP admin.
