5 Stats Showing the Increasing Spending Power of Hispanics in the United States
The report “The Power of the Purse: The Contributions of Hispanics to America’s Spending Power and Tax Revenues in 2013” posted by The Partnership for a New American Economy has lots of interesting stats about Hispanic spending.
One of the most eye-catching stats in the report is this one:
In 2013, Hispanics had an estimated after-tax income of more than $605 billion. That figure is equivalent to almost one out of every 10 dollars of disposable income held in the United States that year.
Why is that stat so significant? Because it underlines the increasing importance of the Hispanic audience to businesses and organizations today—and the increasing need for organizations to effectively communicate with this audience.
4 States Where Hispanics Currently Have a Large Percentage of Spending Power
Here are some other stats at the state level showing the increasing spending power of Hispanics in the United States:
- In both Texas and California (where 38% of the residents speak Spanish), Hispanic households had more than $100 billion in after-tax income in 2013—more than 1 of every 5 dollars available to spend in each state that year.
- In Arizona, Hispanic earnings after taxes accounted for almost 1/6 of the spending power in the state.
- In Florida, Hispanics contributed more than one out of every 6 dollars in tax revenue paid by residents of the state.
Hispanic Spending Power Continues to Grow in the U.S.
The bottom line of this report: “By virtue of their spending power alone, Hispanics in the United States, both native and foreign-born, are major contributors to the health of the American economy.” And that spending power will only increase with the Hispanic population of the United States expected to grow to 132 million by 2050 according to recent estimates based on Census data.
About “The Power of the Purse” Report
This report examines disposable income and tax contributions of our country’s 53-million-person Hispanic population—including the approximately 19 million foreign-born Hispanic people living in the United States. You can download the full report here.