Hispanics are expected to comprise 14% of the U.S. population by 2006 and have buying power of $300 billion.
More than one third of married Hispanics now have a household income that exceeds $50,000, a indicator of the growing affluence of this population, according to market research firm, The U.S. Hispanic Market.
Also pointing to increased spending power within the demographic is the 47.4% increase from 1994 to 1999 in expenditures by Hispanic consumers.
Hispanics now account for one in eight Americans and the Hispanic population grew more than four times as fast as the population as a whole between 1990 and 2000. Younger age groups control a larger share of income and buying power in the Hispanic market than in the general market.
“Hispanics ages 15 to 34 bring in 37% of the total aggregate income of the Hispanic population,” said Meg Hargreaves, vp of research publishing for MarketResearch.com. “This same age group brings in only 21% of the non-Hispanic white population’s aggregate income — a fact that should speak volumes to those marketing to this demographic.”
