The Hispanic Buying Power

As their buying power nears $1 trillion, the 46 million Hispanics now living in the United States exert a powerful influence on the American consumer economy. Between 1995 and 2007, expenditures by Hispanic consumer units grew more than twice as fast as expenditures by non-Hispanic consumers. The impact of Latinos on American society will get even stronger over the coming decades. The 133 million Hispanics expected to be living in the U.S. in 2050 will account for 30% of all Americans. The Latino population alone will be larger than the entire U.S. population was in 1940. In order to reach them it is important to pay attention to the attitudes and behavior of Hispanic adults across age groups and generations from Gen-Y and Gen-X Latinos through younger and older Boomers. There are nearly uniform differences between Hispanic and non-Hispanic consumers across all age groups. That is, most of the consumer attitudes and behavior of Gen-Y and Gen-X Hispanics are different from those of their non-Hispanic counterparts, while Latino Boomers think and act differently than non-Hispanic boomers. This suggests that strong cultural ties continue to differentiate Hispanics from non-Hispanics, regardless of age and degree of acculturation. There are trends and opportunities shaping the Hispanic market and the buying power of Hispanic consumers. The demographic characteristics of the Hispanic population; the economic status of Latinos today; immigration and acculturation trends; the core values of Hispanics; the attitudes and behavior of Hispanic consumers across generational lines and in key areas including fashion and personal care, eating at home and health and wellness; their leisure and entertainment patterns and media usage trends, all affect these opportunities.