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The 46 million Hispanics living in the United States wield a buying power that totaled more than $980 billion in 2008 and is projected to reach $1.3 billion in 2013, according to a new study by market research publisher Packaged Facts.
The study, "The Hispanic (Latino) Market in the U.S.: A Generational View, 7th Edition," found that the buying power of Hispanics will continue to grow at a relatively rapid pace, undeterred by the present dreary outlook for consumers as a whole.
"Latinos will change the profile of American society over the next four decades," says Tatjana Meerman, publisher of New York-based Packaged Facts. "The Hispanic population will grow much quicker than other population segments, and Hispanic consumers will represent an increasing percentage of the American consumer base."
Gen-Y Latinos (ages 18-29) and Gen-X Latinos (ages 30-44) are particularly influential, because they control more than 60 percent of all Hispanic buying power. These young Hispanic adults generate significant consumer spending both for themselves and their families, the report revealed. Consequently, they have a disproportionate impact on a number of industries in the American economy, including entertainment, apparel and children's items.
The study examines the attitudes and behavior of Hispanic adults ranging from Gen-Y and Gen-X Latinos through younger and older baby boomers, and focuses on trends, opportunities shaping the Hispanic market, demographic characteristics of the Hispanic population, assessment of Hispanic consumers' buying power, an analysis of immigration and acculturation trends.
The full report is available for purchase at http://www.packagedfacts.com/Hispanics-1783079/.