Yes, the US Hispanic population is big, at some 60 million. But its buying power has not caught up with its size. What matters as much as size is the fact that this population is in flux—with education levels rising, Spanish increasingly superseded by English, and digital usage evolving.
Are Hispanics a lucrative market?
Yes, but with a caveat. Hispanics deploy more than $1.5 trillion in buying power. But their incomes are still below the US average, and median wealth is meager. Hispanics took an especially bad hit from the Great Recession, and many haven’t altogether recovered.
Is there reason to think Hispanics’ financial standing will improve?
There is, including the fact that they’ve already made gains. About one-fifth of Hispanic households have incomes above $100,000. Below-average levels of education have held the Hispanic population back, but a surge in college enrollment promises to change that in years ahead.
Is homeownership the norm among Hispanics?
Not exactly, but it has made some gains after sagging during the recession. Nearly half are homeowners. And Hispanics have accounted for more than 60% of the gains in homeownership during the past decade.
Does digital figure into Hispanics’ shopping?
Of course. Search engines and social media are leading venues for pre-purchase research. Digital is also where Hispanics encounter much of the advertising they see. About two-thirds are digital buyers.
WHAT’S IN THIS REPORT? This report gauges Hispanics’ finances, including the role of entrepreneurship and homeownership. It looks at how much they spend and how they spend it, including the influence of culture and language preference. And it assesses their digital usage.
KEY STAT: Though Hispanics have been making financial gains, a majority still feel on the wrong side of the “haves vs. have-nots” divide. The recession didn’t help, wiping out a disproportionate share of Hispanics’ wealth.
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