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Hispanic and Latino Marketing Buying Power - a 315% gain
Selig
Center’s demographic estimates of Hispanic/Latino buying power from 1990-2007 indicate
their economic clout will rise to $926.1 billion by 2007. Hispanic
buying power and economic clout last year was already at $580 billion.
As
with other minority markets, this
target market will
grow much faster than the white market, where buying power will increase by
only 112 %
Population numbers -
In 2000, this racial group’s shares of the
population nationally was 13%, (1 in 8 persons is Hispanic), or 35.3
million people.
Population trends
From the baseline period of 1990 to 2007 year projections, the Selig Center
projects that the Hispanic/Latino population will increase by 124.6% compared to
13.1 % for non Hispanic populations and 23.1% gains from the total
population.
Geographic Distribution
In 2000, 27.1 million, or 76.8% of
Hispanics/Latino lived in seven states with Hispanic populations of over one
million. these included California, Texas, New York, Florida,
Illinois, Arizona and New Jersey. Hispanics in California accounted
for 31.1% of the total Hispanic population.
The
five largest cities with ranked in order of Hispanic populations are New
York, Los Angeles, Chicago, Houston, and San Antonio.
In
Chicago, the Hispanic/Latino population is at 26%, or one in four persons is
Hispanic/Latino!
Projected Buying
Power
Hispanic/Latino
buying power is projected to rise to $926.1 billion by 2007.
Reasons for
Hispanic/Latino
buying power
Hispanic/Latino
buying power is attributed several factors, including higher rates of
natural increase and strong immigration, that grows the Hispanic/Latino population
more rapidly than total population.
Since 1980, the Hispanic/Latino
middle class has grown by 80%, and according to some studies, the 18 to 24
year old Hispanic/Latino is the most brand loyal demographic segment in the US.
Hispanic/Latino Population Trends
The
Hispanic/Latino population is relatively young, with larger proportions either
entering the workforce for the first time or moving up on their career
ladders, attributing to even additional gains in buying power.
Entrepreneurial spirit
The
increasing number of Hispanics/Latinos who are successfully starting and expanding
their own businesses is another factor powering
this growth.
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