NEW YORK — The buying power held by Hispanic-Americans is expected to reach $1.3 billion by 2015, an approximate 25% increase, making it an audience marketers should not ignore.
In a new report by Packaged Facts, "Latino Shoppers: Demographic Patterns and Spending Trends among Hispanic Americans, 8th Edition," research showed that Hispanic consumers are very optimistic about the future, noting that 1-in-6 Americans in the United States are of Hispanic heritage, and that their buying power has increased and will continue to do so.
"Between 2008 and 2009, above-average growth in the Hispanic population caused aggregate spending by Latino households to increase slightly even as spending declined in non-Hispanic households," said Don Montuori, publisher of Packaged Facts. "Latino consumers will remain influential over the ensuing years, especially because there are a significant number of high-income Latino households."
The report also disclosed that while many marketers and advertisers increasingly are trying to reach the Hispanic population, it should be noted that a "one-size-fits-all" approach is not necessarily the best route, as there are substantial regional differences in the composition of the Hispanic population, Packaged Facts noted.
Click here to view the full report.