7 Notable Numbers on the Increase in U.S. Hispanic Buying Power
A new report from Nielsen spotlights the growth of the U.S. Hispanic market and reveals significant and continuing increases in Hispanic buying power.
Nielsen, a global information and measurement company, recently released a report titled “From the Ballot Box to the Grocery Store: A 2016 Perspective on Growing Hispanic Influence in America”.
The report examines the latest trends in Hispanic demographics, consumption and media behaviors, and also includes a close look at the Latino electorate.
The report notes the increasing importance and emphasis on the U.S. Hispanic audience, stating:
“As the U.S. non-Hispanic white population declines, a key advantage for the U.S. in the global marketplace is the growth of the relatively youthful U.S. Hispanic market, which is likely to become a primary driver of the workforce and of consumer buying power.”
The report also defines a new niche audience of significance to business and marketers: “ambicultural Hispanics”. Here’s how they describe this audience:
“‘Ambicultural’ Hispanics, who make up an increasing portion of the total Hispanic population and who consider themselves both entirely American and entirely Latino, are culturally invested, digitally connected, dual-language competent and infused with an immigrant mind-set of patriotism, innovation and entrepreneurial self-reliance.”
Those are just a couple interesting excerpts from the report. There’s a lot more great information here and we highly recommend you check out the full report (it’s available from Nielsen here as a free download).
In the meantime, here are some notable numbers from the report that popped out to us…
Seven Stats on Hispanic Buying Power from the New Nielsen Report
- U.S. Hispanic buying power reached $1.3 trillion in 2015 (a number that Nielsen notes is “larger than the GDP of Australia or Spain”)
- That’s an increase of 5.7% in U.S. Hispanic buying power over 2014
- Hispanic buying power accounts for almost 10% of all U.S. buying power
- From 2000 to 2015, U.S. Hispanic buying power increased by 167%
- Between 2009 and 2014, the average household income for U.S. Hispanics increased from $40,946 to $42,396
- Between 2000 and 2014, the number of U.S. Hispanics with a household income over $50,000 increased by 13%
- By 2020, U.S. Hispanic buying power is expected to reach $1.7 trillion
We’ll have more coverage of this report in the near future. So stay tuned!