5 Market Categories Seeing Notable U.S. Hispanic Growth
From credit card ownership to shopping mall visits, there are a number of areas where Hispanic consumer growth is surging—and more brands should be taking notice.
We recently reported on some noteworthy efforts by the automotive industry to reach more U.S. Hispanics. These efforts make sense when you consider that Hispanic automobile ownership grew by 14% between 2012 and 2016 versus a 5% ownership increase for non-Hispanics.
And guess what? It’s not just the automotive industry that’s seeing higher growth among U.S. Hispanics than non-Hispanics.
A recent article from Forbes titled “CMOs, Follow The Growth: It’s Time To Review Resource Allocation Toward Hispanic Marketing” noted 11 specific market categories where the Hispanic segment is growing faster than the non-Hispanic segment—with the growth differential in some of the categories being quite significant.
Here’s a look at five of the market categories seeing marked Hispanic consumer growth:
27.4% increase in credit card ownership from Hispanics (vs. 8.7% for Non-Hispanics)
14% growth in fast food visits from Hispanics (vs. 3.9% for Non-Hispanics)
23.2% increase in domestic travel for Hispanics (vs. 6.9% increase for Non-Hispanics)
20.7% increase in movie attendance among Hispanics (vs. 8% increase for non-Hispanics)
9.8% increase in shopping mall visits among Hispanics (vs. -3.6% for non-Hispanics)
The post’s author, Isaac Mizrahi, co-president and chief operating officer at Alma, notes that this pattern isn’t a coincidence but rather the result of U.S. Hispanic population growth, increased disposable income, educational attainment, and a stronger job market.