Hispanic Market Growth
Here is an issue that economic developers should pay more attention to--Hispanic market growth.
While many companies are ramping up their marketing efforts to appeal to Hispanics, the fastest growing ethnic cohort, many are struggling to reach them.
The Hispanic market accounted for $700 billion in consumer spending last year, which represents nearly 9 percent of the total U.S. disposable personal income (valued at $8.02 trillion), according to the Department of Commerce, Bureau of Economic Analysis.
As the influx of Hispanic immigrants coming into the U.S. continues to grow, so will this cohort's consumption levels. Already, with Hispanic Americans' disposable income growing in 2003 at a compounded annual growth rate (CAGR) of 7.5 percent, it is outpacing the overall U.S. disposable income, which only grew 2.8 percent CAGR last year. By 2010, the consumer spending among the U.S. Hispanic population is expected to reach $1 trillion, according to Chain Store Guide, a market research consultancy for the retail and foodservice industries.
More here.
posted by Don Iannone, D.Div., Ph.D. at
Tuesday, August 03, 2004
3 Comments:
more at here
By
Anonymous, at 8:50 AM
Hi Don, Good point! This market is growing tremendously and becoming a major force in America -- no, it already IS a major force.
I subscribe to Diversity Magazine, and sometimes it seems like over half the articles are about this demographic. One recent article broke down how diverse this segment is, ecompassing Cuban, Mexican, Columbian, Puerto Rican, etc.
Oh, and I just learned the other day that the trendy, politically correct term is "Latino" rather than Hispanic, the term I've traditionally used.
Muy bonita new site design.
Best,
Anita
By
Anita Campbell, at 11:23 AM
Thanks for your comment, Anita. Hope you are well. These issues have grown in importance in my work, especially in the West, but also elsewhere.
Hope all is well with you
By
Don Iannone, D.Div., Ph.D., at 2:51 AM
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