Market Insights: A Selection From The Report
Household and Family Income Profile More Favorable
Although lagging in per capita income, the larger-than-average size of Hispanic households and families results in a more favorable profile of household and family income. While the per capita income of Hispanics is lower than that of African Americans, Latinos enjoy higher median household and family incomes than blacks. Although non-Hispanic whites have a per capita income that is twice that of Hispanics, their median household income is only 35% higher. [Table 5-10]
There also are fewer disparities in household and family incomes across national segments. For example, the per capita income of Mexicans is 87% of that of the average Hispanic, but the median income of Mexican households is 95% of the average. [Table 5-11]
Marriage Patterns and Family Structure
Mexican families are larger than the average Hispanic family (4.05 vs. 3.85 people). Mexicans are more likely to be married (50% vs. 48%) and are less likely to be divorced or separated (8% vs. 12%).
Education and Employment
The educational attainment of Mexicans is lower than the average for Hispanics. Only 8% have a bachelor’s degree or more, compared to 12% of Hispanics as a whole. Only 14% are employed in management and professional jobs, compared to 17% of Latinos as a whole.
Per capita income of Mexicans is lower than average ($13,529 vs. $15,190). Mean earnings of full-time, year-round workers also are lower than average. However, Mexicans account for 57% of all Hispanic buying power. [Table 7-2]In the News
Hispanics Emerge as Influential Force in U.S. Consumer Economy
New York, February 27, 2009 - The 46 million Hispanics living in the United States wield powerful influence on the American consumer economy, with buying power that totaled more than $980 billion in 2008, according to market research publisher Packaged Facts in the all-new report, The Hispanic (Latino) Market in the U.S.: A Generational View, 7th Edition.
Packaged Facts has been tracking the U.S. Hispanic market since 1996, and predicts that the buying power of Hispanics will continue to grow at a relatively rapid pace undeterred by the present dreary outlook for consumers as a whole. Ultimately, Latino buying power is projected to reach $1.3 trillion in 2013, with a cumulative growth rate of 31%.
“Latinos will change the profile of American society over the next four decades. The Hispanic population will grow much quicker than other population segments, and Hispanic consumers will represent an increasing percentage of the American consumer base,” says Tatjana Meerman, publisher of Packaged Facts.
Gen-Y Latinos (ages 18-29) and Gen-X Latinos (ages 30-44) are particularly influential, because they control more than 60% of all Hispanic buying power. These young Hispanic adults generate significant consumer spending both for themselves and their families. Consequently, they have a disproportionate impact on a number of industries in the American economy, including entertainment, apparel, and children’s items.
The Hispanic (Latino) Market in the U.S.: A Generational View, 7th Edition highlights the attitudes and behavior of Hispanic adults ranging from Gen-Y and Gen-X Latinos through younger and older Boomers. Trends, opportunities shaping the Hispanic market, demographic characteristics of the Hispanic population, assessment of Hispanic consumers’ buying power, in-depth analysis of immigration and acculturation trends, and much more are examined in the report. Profiles of seven Hispanic national segments (Mexicans, Puerto Ricans, Cubans, Salvadorans, Dominicans, Guatemalans, and Colombians) are also provided.
About Packaged Facts - Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services.