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Description

Description

“Hispanics have cut back their spending since the last recession, but are still treating themselves to a certain extent. They are also very reluctant to use any kind of debt to pay for things—preferring to pay cash instead."

– Tonya Roberts, Multicultural Analyst

Some issues addressed in this report include:

  • Is a rise in costs negatively impacting the financial health of Hispanic consumers, and how does this compare to 2010?
  • Are Hispanic consumers improving in their ability to build their savings accounts compared to 2010? Does this present an opportunity for financial institutions to promote ways to save to Hispanics?
  • Are Hispanics spending more or less on big-ticket items compared to 2010, and how should retailers react/respond to this trend?

What's included

What's included

Table of contents

Table of contents

  1. Scope and Themes

    • What you need to know
      • Definition
        • Data sources
          • Consumer survey data
            • Advertising creative
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                  • Executive Summary

                      • Hispanic purchasing power growth rate significantly higher than others
                        • Figure 1: Purchasing power, by race/Hispanic origin, 1990-2017
                      • Hispanics are more cautious post-recession, sacrifices and trade-offs are made
                        • Figure 2: Average annual expenditures by Hispanic consumer units, by category, 2003-11, in current dollars
                      • Household expenditures are expected to remain the same
                        • Figure 3: Spending on household essentials in the next 30 days, by race/Hispanic origin, October 2011-November 2012
                      • Clothing expenditures likely to decline with increases in transportation costs
                        • Figure 4: Changes in household spending year over year, January 2013
                      • Men plan to have more fun while women focus on necessities
                        • Figure 5: Changes in household spending year over year—spending more, by gender and household income, January 2013
                      • A small percentage report they are struggling or in trouble financially
                        • Figure 6: Changes in financial situation year over year, by languages spoken in home, January 2013
                      • What we think
                      • Issues in the Market

                          • Is a rise in costs negatively impacting the financial health of Hispanic consumers, and how does this compare to 2010?
                            • Figure 7: Average annual expenditures, Hispanic households, by expenditure category, 2010-11
                          • Are Hispanic consumers improving in their ability to build their savings accounts compared to 2010? Does this present an opportunity for financial institutions to promote ways to save to Hispanics?
                            • Figure 8: Changes in spending and savings habits of the Hispanic household, January 2010 and January 2013
                            • Figure 9: Hispanics’ attitudes toward personal finances, October 2011-November 2012
                          • Are Hispanics spending more or less on big-ticket items compared to 2010, and how should retailers react/respond to this trend?
                            • Figure 10: Likelihood of making a big-ticket or medium-ticket purchase in the next 30 days, by race/Hispanic origin, October 2011-November 2012
                        • Trend Application

                            • Trend: Prepare for the Worst
                              • Figure 11: Financial situation versus year prior, by race/Hispanic origin, October 2011-November 2012
                            • Trend: Extend My Brand
                              • Futures Trend: Generation Next
                              • Hispanic Purchasing Power

                                • Key points
                                  • Hispanic purchasing power is growing faster than the general population
                                    • Figure 12: Purchasing power, by race/Hispanic origin, 1990-2017
                                    • Figure 13: Graph: Purchasing power, by race/Hispanic origin, 1990-2017
                                  • Hispanics represent 10% of the nation’s total buying power
                                    • Figure 14: Top 10 states ranked, by share of Hispanic buying power, 2012
                                  • California, Texas, and Florida account for 55% of Hispanic buying power
                                    • Figure 15: Top 10 states ranked by value of Hispanic buying power, 2012
                                • Changes in Household Expenditures

                                  • Key points
                                    • Education expenditures increased by 70% since the recession
                                      • Figure 16: Average annual expenditures by Hispanic consumer units, by category, 2003-11, in current dollars
                                    • Hispanics’ spending increased in 2011 in nearly every category
                                      • Figure 17: Average annual expenditures by all consumer units, by category, 2003-11, in current dollars
                                  • Larger Share of Wallet Expenditures

                                    • Key points
                                      • Utilities, transportation, and groceries are leading expenditures
                                        • Figure 18: Top three household expenses, by household size, January 2013
                                      • Higher-income earners spend more, except on clothing and footwear
                                        • Figure 19: Top three household expenses, by gender and household income, January 2013
                                      • Acculturated Hispanics spend more on medical, childcare, and education
                                        • Figure 20: Top three household expenses, by languages spoken in home, January 2013
                                        • Figure 21: Top three household expenses, January 2013
                                      • Hispanics spend more on food at home than they do at restaurants
                                        • Figure 22: Distribution of annual average expenditures for food and beverages, by Hispanic origin of reference person, 2011
                                      • Hispanics spend less on life insurance and retirement plans than other consumers
                                        • Figure 23: Distribution of average annual expenditures for personal insurance and pensions, by Hispanic origin of reference person, 2011
                                      • Lack of insurance may be driving lower expenditures on healthcare services and medication
                                        • Figure 24: Distribution of average annual expenditures for health care, by Hispanic origin of reference person, 2011
                                    • Smaller Share of Wallet Expenditures

                                      • Key points
                                        • Hispanics spend more on men’s and children’s apparel and footwear
                                          • Figure 25: Annual apparel expenditures by race/Hispanic origin, October 2011-November 2012
                                        • Latinas spend more on products that make them look and feel good
                                          • Figure 26: Distribution of average annual expenditures for personal care, by Hispanic origin of reference person, 2011
                                          • Figure 27: Percentage distribution of average annual expenditures for personal care products, by Hispanic origin of reference person, 2011
                                        • Eight out of 10 education expenditures are spent on tuition
                                          • Figure 28: Percentage distribution of average annual expenditures for education, by Hispanic origin of reference person, 2011
                                      • Spending and Saving Habits

                                        • Key points
                                          • Hispanics prefer paying cash so big-ticket items are well thought out
                                            • Figure 29: Likelihood of purchasing big- or medium-ticket items in next 30 days, Hispanics, October 2011-November 2012
                                            • Figure 30: Likelihood of making a major purchase in the next 30 days, by race/Hispanic origin, October 2011-November 2012
                                            • Figure 31: Hispanics’ Attitudes toward personal finances, October 2011-November 2012
                                          • Household expenditures are expected to remain the same
                                            • Figure 32: Spending on household essentials in the next 30 days, by race/Hispanic origin, October 2011-November 2012
                                          • Hispanics are receptive to messages about financial services
                                            • Figure 33: Attitudes toward personal finance, by race/Hispanic origin, October 2011-November 2012
                                          • Clothing expenditures likely to decline with increases in transportation costs
                                            • Figure 34: Changes in household spending year over year, Hispanics, January 2013
                                          • Men plan to have more fun while women focus on necessities
                                            • Figure 35: Changes in household spending—spending more, by gender and household income, January 2013
                                          • Bilingual Hispanics experienced the largest spending hike
                                            • Figure 36: Changes in household spending—spending more, by languages spoken in home, January 2013
                                          • Entertainment expenditures will take the biggest hit
                                            • Figure 37: Changes in household spending—spending less, by gender and household income, January 2013
                                          • One fourth of Hispanics say they’re better off today than a year ago
                                            • Figure 38: Financial expectations for next 12 months, by race and Hispanic origin
                                          • Hispanics are optimistic and confident in what the future holds
                                            • Figure 39: Financial expectations for next 12 months, by race/Hispanic origin, October 2011-November 2012
                                          • Older Hispanics hit the hardest and less likely to be saving
                                            • Figure 40: Changes in spending and saving habits in last year, by age, January 2013
                                          • Younger Hispanics saving more money than older people
                                            • Figure 41: Amount saved monthly, by age, January 2013
                                          • English-speaking Hispanics spending and saving less
                                            • Figure 42: Changes in spending and saving habits in last year, by languages spoken in home, January 2013
                                          • Men are more likely than women to save
                                            • Figure 43: Monthly saving habits, by gender and household income, January 2013
                                        • Attitudes Toward Personal Finance

                                          • Key points
                                            • Most Hispanics maintaining lifestyles with little extra money to splurge
                                              • Figure 44: Description of current financial situation, by employment, January 2013
                                            • A small percentage report they are struggling or in trouble financially
                                              • Figure 45: Description of current financial situation, by languages spoken in home, January 2013
                                            • College graduates much less likely to have income decline
                                              • Figure 46: Change in household income in last year, by education, January 2013
                                            • One third of Hispanics report steady income
                                              • Figure 47: Changes in household income in last year, by employment, January 2013
                                            • Spanish-speaking Hispanics say their income remained the same
                                              • Figure 48: Changes in household income in last year, by languages spoken in home, January 2013
                                          • Marketing Strategies

                                            • Key points
                                                • Figure 49: Happy Hispanic Stereotype Month ad, 2013
                                                • Figure 50: Hola Mexico Case Study – Adios Clichés
                                                • Figure 51: Hola Mexico Case Study – Adios Clichés
                                            • U.S. Hispanic Population

                                                • Key points
                                                  • Hispanics make up the largest U.S. minority group
                                                    • Figure 52: Population, by race/Hispanic origin, 2008-18
                                                    • Figure 53: Population, by race/Hispanic origin, 1970-2020
                                                    • Figure 54: Asian, Black, and Hispanic populations, 1970-2020
                                                  • The Hispanic and non-Hispanic population
                                                    • The Hispanic and total U.S. population by age
                                                      • Figure 55: U.S. Hispanic population, by age, 2008-18
                                                      • Figure 56: U.S. Population, by age, 2008-18
                                                    • The Hispanic and total U.S. population by gender
                                                      • Women
                                                        • Figure 57: Hispanic women, by age, 2008-18
                                                        • Figure 58: Total U.S. women population, by age, 2008-18
                                                      • Men
                                                        • Figure 59: Hispanic men, by age, 2008-18
                                                        • Figure 60: Total U.S. men population, by age, 2008-18
                                                      • Generations
                                                        • Hispanics by generation
                                                          • Figure 61: Generations—Hispanics vs. non-Hispanics, 2011
                                                        • U.S. household income distribution
                                                          • Figure 62: Median household income, by race/Hispanic origin of householder, 2011
                                                        • Hispanic income levels
                                                          • Figure 63: Largest Hispanic states, by Hispanic disposable income, 2010
                                                        • The Hispanic household
                                                          • Figure 64: Average household size, by Hispanic origin/race of householder, 2001, 2008 and 2011
                                                          • Figure 65: Households, by number of people in the household—Hispanics vs. all households, 2011
                                                        • Hispanics by country of origin/heritage
                                                          • Figure 66: Hispanic population, by type, 2000-10
                                                          • Figure 67: Hispanics, by country of origin/heritage, 2010
                                                        • Hispanics by geographic concentration
                                                          • Figure 68: Largest* Hispanic groups, by region, by country of origin/ancestry, 2010
                                                          • Figure 69: Hispanic population, by region of residence, 2000-10
                                                          • Figure 70: Hispanic population, by region, 2010
                                                          • Figure 71: 10 places* with highest number of Hispanics, 2010
                                                          • Figure 72: 10 places* with the largest share of Hispanics, 2010
                                                        • States with the most Hispanic population growth
                                                          • Figure 73: States ranked by change in Hispanic population, 2000-10
                                                          • Figure 74: Five states with the greatest percentage of Hispanic growth, 2000-10
                                                        • Key Hispanic metropolitan areas
                                                          • Figure 75: Metropolitan areas with the largest number of Hispanic residents, by country of origin/ancestry, 2010
                                                          • Figure 76: U.S. Hispanic households, by metropolitan status, 2006-11
                                                        • Acculturation
                                                          • What is acculturation?
                                                            • Why is level of acculturation important?
                                                              • Levels of acculturation
                                                                  • Figure 77: Hispanics, by acculturation and assimilation level, 1998-2008
                                                                • What is retroacculturation?
                                                                • Appendix – Additional Tables

                                                                    • Figure 78: Top three household expenses, by household income, January 2013
                                                                    • Figure 79: Top three household expenses, by languages spoken in home, January 2013
                                                                    • Figure 80: Amount saved monthly, by languages spoken in home, January 2013
                                                                • Appendix – Trade Associations

                                                                  About the report

                                                                  This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                  • The Consumer

                                                                    What They Want. Why They Want It.

                                                                  • The Competitors

                                                                    Who’s Winning. How To Stay Ahead.

                                                                  • The Market

                                                                    Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                  • The Innovations

                                                                    New Ideas. New Products. New Potential.

                                                                  • The Opportunities

                                                                    Where The White Space Is. How To Make It Yours.

                                                                  • The Trends

                                                                    What’s Shaping Demand – Today And Tomorrow.

                                                                  Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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