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Hispanic Buying Power

Hispanic Buying Power. Hispanic purchasing power in U.S. is $1 trillion strong and growing

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Hispanic Buying Power

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  1. Hispanic Buying Power

  2. Hispanic purchasing power in U.S. is $1 trillion strong and growing Hispanic purchasing power in the U.S. is growing faster than the purchasing power of any other group. Research and analysis shows that Hispanic families overspend on groceries compared to non-Hispanic. Moreover, Hispanics also spend more on telephony than any other group in the US. Purchasing power among the diverse Hispanic population is currently valued at approximately $1 trillion Hispanics control more disposable personal income than any other minority group in the United States, estimated at $951 billion in 2008 by the Selig Center for Economic Growth at the University of Georgia. That’s 349 percent greater than the dollar value of Hispanic buying power in 1990. Meanwhile, non-Hispanics’ buying power also grew during the same time period, but at the slower pace of 141 percent. Hispanics in the US… Latin vision Conference 2008

  3. In the USA, Hispanic buying power is growing faster than that of non-Hispanics. The economic fortunes of 47 million U.S. Hispanics are growing, and consumer businesses are taking notice. more than 50 percent of U.S. Hispanics are Internet users, and that share is projected to increase. Among race/ethnic groups, Hispanics rank second to the white population in Internet use. According to Tamara Barber, a data analyst for Forrester Research Inc., in Cambridge, Massachusetts, Hispanics will come online faster than any other demographic group over the next five years. The Hispanic online market will grow twice as fast as the overall U.S. online population, she said. Among the biggest advertisers in the United States, spending on ads targeting Hispanics reached $4.5 billion in 2007, a 27 percent increase over Hispanic-targeted spending two years earlier. Hispanics, the largest U.S. minority, are a “dream segment” for advertisers, Barber said, because of their growing buying power, their “economic optimism,” and their loyalty to companies that woo them. America.gov, Hispanic buying power

  4. U.S. Hispanic buying power will grow faster than African-American buying power (203 percent) and Native American buying power (240 percent), but will grow at the same rate as Asian buying power (347 percent). As their household income increases,since 2009, 50% of Hispanics were reported to spend one hour per day watching television. 72% have computers and televisions in the same room and 75% of these multi-task using the Internet and television together always or very frequently. 40% report researching for products advertised on television. According to BNet "More than 75% of U.S. Hispanics speak Spanish at home and 67% are most comfortable reading Spanish publications. Even if they read and speak English fluently, 95% of Hispanics consume some form of Spanish language media each day." Hispanic buying power captures medical marketing interest, Hispanic Medical Marketing - Are you Getting All Your Marketshare?October 18, 2010

  5. Approximately one in six Americans is of Hispanic descent or origin. More than half are under the age of 26 and by 2020, the number of Hispanic teens is expected to increase by 62 percent as compared to 10 percent growth in the number of teens overall. Hispanic youth are a powerful consumer force underlining the Latino presence in general consumer market culture. Typically English speaking, or at English preferred, socially connected and heavy technology users, Latino teens, “Generation N” are leading the way in general market infiltration. Hispanics will continue to be a critical part of the U.S. economic system. This segment’s affinity for technologies that ease communicating across geographic boundaries, allow interaction, build communities for like-minded individuals and provide entertainment will affect the way companies approach business. Marketers with established working models for communicating with Hispanics through technologies can guide the corporate world over the threshold into the new age of technological advancements. Latinos and Social Media, February 12, 2011

  6. Hispanic business ownership is growing three times as fast as the national average and Hispanic purchasing power is expected to reach more than $1 trillion by 2011, according to the Census Bureau and other studies. All too aware of this growing force, many companies are wooing Hispanic consumers and their spending power. Hispanic entrepreneurship, buying power on the rise, CNN 2007

  7. Advertising Age magazine reports that in 2008 companies spent 26 percent more on Internet ads directed at Hispanics than they did the year before. The rise outstrips the increase of Hispanic advertising in traditional media during that period. Analyst Barber’s report, “Hispanic Consumers Offer Opportunities in a Recession,” says smart advertisers recognize that Hispanics are “feeling the pinch” of the economic downturn and use ads “to build and maintain brand loyalty through relevance.” Barber said this is reflected, for example, in the MasterCard Worldwide credit card company’s Spanish-language campaign that advises Hispanics on ways to better manage their money. Increasingly, businesses are making Hispanic consumers a core part of their marketing and product development. America.gov, Hispanic Buying Power

  8. According to Advertising Age, to reach Hispanic consumers, last year advertisers spent 64% of their media budgets on Spanish-language broadcast and cable TV networks, while Internet display ads garnered less than 5%. Hispanic Media Use E marketer inc, US Hispanic media usage, 2008

  9. At the beginning of 2008, there were 112.8 million households including 12.1 million Latino homes, in the United States. At the same time that the Latino population has grown, television penetration in Hispanic households has increased from 8.7 million in 1991 to almost 10.8 percent in 2008. According to the Hispanic Marketers’ Guide to Cable 2008 Edition, Hispanic households grew 35.7 percent between 2004 (10.5 million) and 2008 (12.1 million), accounting for almost all the population growth during that time period. Hispanic MPR.com Hispanic Marketing and Public Relations

  10. • Hispanics have a national buying power of $1 trillion nationwide, and it’s estimated at $34 billion in Arizona. The state is the 7th largest for Hispanic buying power, with California the largest at $249 billion. • There are 53,000 Hispanic-owned businesses in Arizona. • Arizona ranks fifth in terms of total Hispanic population. More than 30 percent of the state’s 6.6 million residents, or about 2.06 million, are Hispanic. Arizona trails only New Mexico, California and Texas for the size of its Hispanic community. • In Phoenix, Hispanics comprise about 42 percent, or 617,000 - of the city’s total population of about 1.5 million people. PHOENIX economic and hispanic highlights Phoenix Business Journal, Hispanic Buying Power, Nov 17 2010

  11. Houston Hispanic Market Demographics, • DMA Hispanic rank: 4th • DMA Hispanic population: 2.1 million • % of total population: 33% • Hispanic group origin distribution: Mexico: 79% Central American: 14% Other: 7% • 41.7% are full-time employed • 23.1% are home owners • Median age: 36 • Median HHI: $57,270 • Total Houston Hispanic buying power: $27,253,823,819 HOUSTON economic and hispanic highlights • 2011 media Kit clearchannelOUTDOOR.com, Clear Channel OUTDOOR :: HOUSTON

  12. Houston– According to the recently released Census report Hispanic owned businesses in the nation increased by more than double the national rate.  Between 2002 and 2007 Hispanic entrepreneurs started 15, 038 new businesses topping out at 44,206.  The ambition to start and own a viable business is much higher since these figures only factor businesses with receipts of at least one million dollars. Google US Hispanic Marketing Forum, February 12, 2011

  13. Seven of the state's 32 U.S. House districts have Hispanic majorities, including one in the largest city of Houston

  14. Hispanic population climbing 82 percent. Hispanics made up nearly 27 percent of all Nevadans last year, a nod to the group's projected influence in the upcoming 2012 national and local elections. They represented nearly 20 percent of all Nevadans in 2000.NEVADA HAD THE BIGGEST GROWTH SPURT IN THE NATION DURING THE PAST DECADE AT 35 PERCENT, COMPARED TO U.S. GROWTH OF 9.7 PERCENT. Las Vegas economic and hispanic highlights The Washington Examiner, Census: Vegas boom fueled Nevada's record growth

  15. Non-Hispanic whites fell from 65 percent to 54 percent of state residents. The fast-growing Hispanic population in Nevada -- now one in four residents are hispanics. Census: Clark County population increase leads Nevada's growth, Feb 2011

  16. As of the census of 2010, there were 583,756 people, 211,689 households, and 117,538 families residing in the city. The racial makeup of the city was 69.9% White, 10.4% African American, 0.8% Native American, 4.8% Asian, 0.5% Pacific Islander, 9.8% from other races, and 4.1% from two or more races. Hispanic or Latino of any race were 23.6% of the population. There were 176,750 households out of which 31.9% had children under the age of 18 living with them, 48.3% were married couples living together, 12.2% had a female householder with no husband present, and 33.5% were non-families.. The average household size was 2.66 and the average family size was 3.20. The median income for a household in the city was $53,000 and the median income for a family was $58,465 Males had a median income of $35,511 versus $27,554 for females. The per capita income for the city was $22,060. Over 37.5 million people visit Las Vegas each year. Seventeen of the 20 biggest hotels in the U.S. are in Las Vegas. Visit Las Vegas, Only Vegas 2010

  17. 70 percent of Austin’s growth came from growth within the Hispanic community.  So 70 percent of the city’s gain came from non white households. About 35 percent of Austin's total population is Hispanic. Austin economic and hispanic highlights Austin's Hispanic and Asian Populations are Booming, news for Austin Feb 2011

  18. "The advertising dollars targeted to the Hispanic community do not reflect the buying power or the size of the population." Says the author in “Austin's Hispanic broadcasting market makes huge changes”

  19. Texas is picking up four seats in Congress this year, twice as many as Florida, the next highest. Latino politicians say it's time their demographic strength translated into political power. In January 2009, Austin named one of America’s 25 Strongest Housing Markets by Forbes and Moody's Economy.com.Forbes, America's 25 Strongest Housing Markets,, January 7, 2009. Trends indicate that Austin will continue to have one of the best economies and real estate markets in the country, according to Smart Source Realty. The USA Investor, Austin Real Estate Market Summary for 2008 and Forecast for 2009, By Chris Warren, Smart Source Realty, January 4, 2009. Austin

  20. In Texas, the State Data Center reported that in 2000, 22 percent of the state’s consumer expenditures were made by Hispanics; by 2040 it is projected that this amount willincrease to 52 percent. Dallas is ranked second city in Hispanic buying power. Businesses wanting to attract and retain Hispanic consumers should re-think how they market to, and communicate with, this growing population. Dallas, economic and hispanic highlights Dallas Business Journal January 13, 2006

  21. Hispanic buying power was growing at a rate of 2 to 1 compared to non-Hispanics.

  22. According to the Selig Center for Economic Growth, from 1990 to 2008, Hispanic buying power in Georgia rose from $1.3 billionto $15 billion, making Georgia the10th-largest Hispanic market and the fourth-fastest-growing Hispanic market in the nation. In fact, at the end of 2008, Georgia’s Hispanic buying power percentage gain from 1990 through 2008 was triple that of the U.S. Hispanic buying power. Georgia’s was about a 1,000 percent gain as compared to the U.S. Hispanic buying power gain of about 300 percent. And, it is predicted that buying power will continue to rise at a rate higher than any other minority group. Georgia Hispanic population approaches 800,000 with an estimated increase to 1 million by 2013. Hispanic-owned businesses and the revenue generated from them are increasingly contributing to Georgia’s economy and are, indeed, a vital component. As of 2002, it was estimated that Georgia had over 18,000 Hispanic-owned firms generating $4.2 billion in revenues. there is no doubt that we will see future growth of our Georgia Hispanic population translating into more economic opportunities for our state and all Georgians. ATLANTA economic and hispanic highlights Hispanic growth means opportunities, Atlanta Business Chronicle

  23. Atlanta is one of four UVM markets to take on a local newscast and the third to do so, behind Dallas and Las Vegas. Once Atlanta's newscast was up and running, UVM gave its Azteca América affiliate in Houston a local newscast. WUVM, which is found on Comcast cable systems throughout the metropolitan area as cable channel 249 and on DirecTV's local lineup as Channel 4, has taken the lead with local news. According to just-released data from Geoscape International, American Marketscape DataStream: 2008 Series, 10 percent of the Atlanta DMA is now Hispanic - up from 9.3 percent just one year ago. The year-to-year population growth was seen practically across the board, with adults 25-34 now numbering 170,135 - up from 151,658 in 2007. The next-biggest population group - as is typical in emerging markets that have begun to show signs of first-stage maturation - are children ages 9 and under. This demographic now numbers 144,800 Hispanics, up from 132, 243 in 2007. Hispanic Market Weekly, Atlanta, 2008

  24. GEORGIA’S ESTIMATED TOTAL POPULATION IN 2009 WAS 9,829,211 (9TH NATIONALLY). OF THAT, 50.8 PERCENT IS FEMALE AND 49.2 PERCENT IS MALE. WITH A POPULATION OF 519,145 (2007) IN THE CITY LIMITS AND OVER 5.2 MILLION PEOPLE LIVING IN THE METRO AREA, ATLANTA IS GEORGIA’S LARGEST CITY.  IN 2008, 65.4 PERCENT WHITE, 58.1 PERCENT WHITE NOT HISPANIC, 30 PERCENT BLACK OR AFRICAN-AMERICAN, 8 PERCENT HISPANIC OR LATINO ORIGIN, 2.9 PERCENT ASIAN, 0.5 PERCENT OTHER RACES AND 1.3 PERCENT TWO OR MORE RACES. 78 PERCENT OF GEORGIANS 25 YEARS AND OLDER ARE HIGH SCHOOL GRADUATES AND OVER 24 PERCENT HAVE A BACHELOR’S DEGREE OR HIGHER. AS OF 2010 THERE ARE 14 FORTUNE 500 COMPANIES AND 29 FORTUNE 1000 COMPANIES WITH HEADQUARTERS IN GEORGIA, INCLUDING SUCH NAMES AS CNN/TURNER BROADCASTING, COCA-COLA, DELTA AIR LINES, EQUIFAX, NCR, THE HOME DEPOT, AFLAC, NEWELL RUBBERMAID, INTERNET SECURITY SYSTEMS, CIBA VISION, INTERCONTINENTAL HOTELS AND RESORTS, EARTHLINK AND UPS. GEORGIA HAS OVER 2,500 INTERNATIONALLY OWNED FACILITIES REPRESENTING 61 COUNTRIES, EMPLOYING MORE THAN 148,000 GEORGIANS WITH AN ESTIMATED CAPITAL INVESTMENT OF $24.3 BILLION.

  25. THE STATE IS THE WORLD LEADER IN THE PRODUCTION OF CARPET, KAOLIN, CHICKEN AND WATERMELON. TOP INDUSTRIES INCLUDE AUTOMOTIVE, AGRICULTURE, FOOD PROCESSING, TOURISM, LIFE SCIENCES, HIGH TECHNOLOGY, METAL FABRICATION AND PLASTICS. EXPORTS FROM GEORGIA INDUSTRIES TOTALED $27.5 BILLION IN 2008, RANKING GEORGIA AS THE 13TH LARGEST EXPORTING STATE IN THE NATION.  76 GOVERNMENTS FROM THROUGHOUT THE WORLD HAVE CONSULAR OFFICES AND/OR TRADE REPRESENTATION IN ATLANTA AND 39 BI-NATIONAL CHAMBERS OF COMMERCE CALL THE CITY HOME. GEORGIA IS HOME TO HARTSFIELD-JACKSON ATLANTA INTERNATIONAL AIRPORT, THE WORLD’S BUSIEST PASSENGER AIRPORT, SERVING OVER 87 MILLION PASSENGERS IN 2009. HARTSFIELD-JACKSON OFFERS MORE THAN 500 DIRECT FLIGHTS TO CITIES THROUGHOUT THE U.S., CANADA, LATIN AMERICAN, THE CARIBBEAN, EUROPE AND ASIA. 80 percent of U.S. consumers can be reached in two hours air travel or less from Georgia. Similarly, more than 80 percent of the U.S. industrial market is within two days journey by truck from Georgia. Georgia Facts, Georgia USA 2010

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