United States - Hispanics Demographic & Consumer Spending Trends 2016 - Hispanic Buying Power to Reach $1.8 Trillion in 2020 ...
July 26 2016 - 01:56PM
Business Wire
Research and Markets has announced the addition of the
"Hispanics: Demographic and Consumer Spending Trends" report to
their offering.
This new report unmasks the simple but powerful formula that
lies behind the recent remarkable growth in Hispanic spending
power. First, the number of Hispanic households has been growing
faster than the number of non-Hispanic households. Second, average
spending by Latino households has increased more than average
spending by non-Hispanic households. These two basic variables
(more rapid household growth + higher growth in average spending)
add up to a higher rate of growth in aggregate spending by Latino
households than non-Latino households in recent years.
As a result, Latino consumers have become the most important
driver of growth in a wide variety of consumer expenditure
categories. For example, between 2012 and 2015 increased spending
by Latino households represented around 40% of the growth in
aggregate spending for household equipment such as computers and
telephones and 25% of the growth in aggregate consumer spending for
new cars and trucks. Latino households accounted for double-digit
shares of growth in aggregate expenditures for furniture (20%),
major appliances (18%), audio-visual equipment and services (17%)
and small appliances (16%).
The same phenomenon has occurred in the use of financial
services. Over the past decade the percent of Hispanic individuals
and households using a wide array of financial services has grown
faster than it has among non-Hispanic consumers. As a result,
Hispanic consumers have become a pillar of growth in the financial
services industry. For example, between 2005 and 2015 growth in
credit card use by Latinos grew 11 times faster than it did among
non-Hispanics (44% vs. 4%). The 5.1 million additional Latinos with
credit cards accounted for around half (49%) of the growth in the
number of consumers using credit cards.
Key Topics Covered:
Chapter 1: Executive Summary
Chapter 2: Insights and Opportunities
Chapter 3: Hispanic Population Trends
Chapter 4: Language and Acculturation Trends
Chapter 5: Demographic Trends
Chapter 6: Buying Power Trends
Chapter 7: Recent Spending Trends
Chapter 8: Use of Financial Services
Chapter 9: Marketing to Hispanic Consumers
For more information visit
http://www.researchandmarkets.com/research/smz82k/hispanics
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version on businesswire.com: http://www.businesswire.com/news/home/20160726006334/en/
Research and MarketsLaura Wood, Senior
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U.S.): +353-1-481-1716Sector: Consumer and Personal, Demographics,
Banking and Financial Services, Food and Beverage