The US Hispanic sector expanded over four times as quickly as the population of America as a whole between 1990 and 2000, according to a new study from Packaged Facts.
The US Hispanic Market, examining demographic profiles, education, employment, consumption and retail behaviour among the Hispanic population (now one-eighth of the total US population), shows this segment to be growing in wealth as well as size.
Expenditure by Hispanic consumers jumped 47.4% from 1994 to 1999, and is forecast to reach $300 billion by 2006. Over one-third of married Hispanics boast a household income in excess of $50,000.
In addition, income by Hispanics is skewed towards younger age groups more than in other sectors of the population, according to Meg Hargreaves, vp–research publishing at MarketResearch.com.
“Hispanics aged 15 to 34 bring in 37% of the total aggregate income of the Hispanic population,” she revealed. “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.”
News source: Daily Research News Online