Based on the recently released data from the U.S. Census Bureau, Hispanics are the largest and fastest-growing demographic group in America, now accounting for 1 in every 6 Americans, and retailers and brands are paying close attention.
Those identifying themselves as Hispanic or Latino increased 43% to 50.5 million from 2000 to 2010, while the overall population rose only 9.7%. Hispanics now make up 16.3% of the overall population, up from 12.5% in 2000, and the demographic is projected to increase to 57.7 million, a 35.7% gain compared to only 5.8% growth in the non-Hispanic population, from 2010 to 2015. By 2050, the U.S. Hispanic population is projected to reach 132.8 million, or about 30% of the nation’s total.
Even more importantly, the buying power (disposable income) of Hispanics jumped 108% in the last decade to $1 trillion according to a study by the Selig Center for Economic Growth in the University of Georgia Terry College of Business, more than double the rate of the total population. Packaged Facts estimates that in 2009 Latinos accounted for 9.1% of total buying power, compared to only 3.8% in 1980.
“The Hispanic market alone, at $1 trillion, is larger than the entire economies of all but 14 countries in the world–smaller than the GDP of Canada but larger than the GDP of Indonesia,” said Jeff Humphreys, director of the Selig Center and the author of the report.
Hispanic buying power is expected to grow 50% in the next five years, from $1 trillion in 2010 to $1.5 trillion in 2015, and growth in Hispanic buying power tops all other racial and ethnic groups as well as the rate of growth in overall buying power. Continue reading ‘Hispanics are Key Demographic for Retailers & Brands’
