NEW YORK, NY (Packaged Facts) March 2, 2009 — The 46 million Hispanics living in the United States wield powerful influence on the American consumer economy, with buying power totaling more than $980 billion in 2008, according to market research publisher Packaged Facts in the all-new report, “The Hispanic Market in the U.S.: A Generational View.”
Packaged Facts has been tracking the U.S. Hispanic market since 1996, and predicts 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. Ultimately, Hispanic buying power is projected to reach $1.3 trillion in 2013, with a cumulative growth rate of 31%.
“Hispanics will change the profile of American society over the next four decades. The Hispanic population will grow much quicker than other population segments, and Hispanic consumers will represent an increasing percentage of the American consumer base,” says Tatjana Meerman, publisher of Packaged Facts.
Gen-Y Hispanics (ages 18-29) and Gen-X Hispanics (ages 30-44) are particularly influential, because they control more than 60% of all Hispanic buying power. These young Hispanic adults generate significant consumer spending both for themselves and their families. Consequently, they have a disproportionate impact on a number of industries in the American economy, including entertainment, apparel, and children’s items.
“The Hispanic Market in the U.S.: A Generational View” highlights the attitudes and behavior of Hispanic adults ranging from Gen-Y and Gen-X Hispanics through younger and older Boomers. Trends, opportunities shaping the Hispanic market, demographic characteristics of the Hispanic population, assessment of Hispanic consumers’ buying power, in-depth analysis of immigration and acculturation trends, and much more are examined in the report. Profiles of seven Hispanic national segments (Mexicans, Puerto Ricans, Cubans, Salvadorans, Dominicans, Guatemalans, and Colombians) are also provided.