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Published by: Mintel International Group Ltd.
Published: Jun. 1, 2006 - 78 Pages
Table of Contents
- INTRODUCTION AND ABBREVIATIONS
- INTRODUCTION
- ABBREVIATIONS & DEFINITIONS
- ABBREVIATIONS
- DEFINITIONS
- Hispanics
- Financial industries
- EXECUTIVE SUMMARY
- The Hispanic financial consumer
- Banking relationships
- Reasons for choosing a banking institution
- Sending money
- Insurance
- Marketing to Hispanics
- SUMMARY OF THE HISPANIC MARKET
- Overview
- Market size and economic power
- Figure 1: Percentage of US population, by race/Hispanic origin, 2000-50
- Figure 2: Buying power, by race/Hispanic origin, 1990-2010
- Age distribution of Hispanics in the US
- Figure 3: Age distribution of population of Hispanic origin in the US, 2000-04
- Figure 4: Population age distribution, by race/Hispanic origin, 2004
- Educational attainment
- Figure 5: Educational attainment, by race/Hispanic origin for population over 15 years old, 2005
- MARKET DRIVERS
- Diversity among Hispanics
- Figure 6: Hispanic population, by place of origin, 2000
- Growth of the Hispanic population
- Figure 7: Hispanic population—new immigrants vs second and third generations, 1970-2000 and 2000-20
- The impact of second-generation Hispanics
- Figure 8: Labor force increase of Hispanics, by generation compared to non-Hispanic, 2000-20
- Hispanic occupations
- Figure 9: Occupation, by race and Hispanic origin, 2000
- Figure 10: Hispanic labor occupation, by gender, 2000
- Figure 11: Occupation of Hispanics, by place of origin, 2000
- Unemployment, earnings and poverty
- Hispanic geographic distribution
- Figure 12: Largest metro areas, by Hispanic population, 2000
- Figure 13: New Hispanic destinations, 2000
- RETAIL BANKING AND HISPANICS
- THE WAKE UP CALL
- HISPANIC PARTICIPATION IN BANKING
- BANKS TAKE ACTION
- Individual Taxpayer Identification Number
- Matricula Consular
- THE REMITTANCES FACTOR
- Figure 14: Remittances to Latin America, top ten countries, 2005
- Citibank
- Bank of America
- Wachovia
- Wells Fargo
- HISPANICS AND CREDIT CARDS
- HISPANICS AND INVESTMENTS
- Figure 15: Participation in employment-based retirement plans, by age and ethnicity, 2003
- MORTGAGES FOR HISPANICS
- THE AMERICAN DREAM IS WITHIN REACH
- Figure 16: Home ownership rate, by race/ethnicity, 1994-2005
- MORTGAGE STATISTICS
- Figure 17: Approval of mortgage applications, by ethnicity, 2003
- HOME VALUES AMONG HISPANIC HOMEOWNERS
- Hispanic housing costs
- Sub-prime lending to Hispanics
- Figure 18: Sub-prime loans share of home loans and refinanced loans, by ethnicity/Hispanic origin, 2004
- Home equity loans and lines of credit
- Mortgage affordability programs
- Geographic distribution of Hispanic homeowners
- Figure 19: Geographical distribution of Hispanic homeowners in the US, 2006
- HISPANICS AND INSURANCE
- Introduction
- Figure 20: Top five insurance advertisers and Hispanic advertising spend, 2003
- Allstate
- 21st Century Insurance
- State Farm
- ADVERTISING AND PROMOTION
- Advertising spending
- Figure 21: Top financial services industry advertisers to Hispanics, 2003
- Direct mail
- Figure 22: Banamex USA Visa advertisement, May 2006
- Figure 23: Bank of America Efectiva Visa advertisement, March 2006
- Figure 24: Bank of America Visa advertisement, January 2006
- Figure 25: Ameriquest, February 2006
- THE CONSUMER
- SUMMARY HIGHLIGHTS OF CONSUMER SURVEYS
- Banking relationships
- Reasons for choosing a banking institution
- Sending money
- Insurance
- HISPANICS AND BANKING
- Banking relationships by gender, age and ethnicity
- Figure 26: Hispanics that do or do not have a banking relationship, by gender and age, May 2006
- Figure 27: Banking institutions used by Hispanics, by age, January-September 2005
- Figure 28: Banking institutions used by race/ethnicity, January-September 2005
- Banking relationships by income
- Figure 29: Hispanics that do or do not have a banking relationship, by income and education, May 2006
- Figure 30: Banking institution used by Hispanics, by income, January-September 2005
- Figure 31: Banking services used by Hispanics, by income, January-September 2005
- Figure 32: Ownership of credit cards—Hispanics and overall, by household income, January-September 2005
- Figure 33: Hispanics ownership of credit cards, by type, by household income, January-September 2005
- Banking relationships by region and area type
- Figure 34: Hispanics that do or do not have a banking relationship, by region and area type, May 2006
- Figure 35: Banking services used by Hispanics, by region, January-September 2005
- Banking relationships by household size, nativity, and length of time in the US
- Figure 36: Hispanics that do or do not have a banking relationship, by household size and nativity group, May 2006
- Figure 37: Hispanics that do or do not have a banking relationship, by number of generations family has been in
- US and years individual has been in US, May 2006
- Figure 38: Hispanics that do or do not have a banking relationship, by language primarily spoken in the home and ethnicity of neighborhood, May 2006
- Banking services used by Hispanics vs non-Hispanics
- Figure 39: Lending services used by Hispanics vs white non-Hispanics, January-September 2005
- Figure 40: Other banking services used by Hispanics vs white non-Hispanics, January-September 2005
- Why bank was chosen
- Figure 41: Why bank was chosen by Hispanics, by gender and age, May 2006
- Figure 42: Why bank was chosen by Hispanics, by income and education, May 2006
- Figure 43: Why bank was chosen by Hispanics, by investor (household assets >$10K) or non-investor, and primary language, May 2006
- Money transfer services
- Figure 44: Hispanics that have sent money to friends or relatives in the last six months, by gender and age, May 2006
- Figure 45: Hispanics that have sent money to friends or relatives in the last six months, by income, and Investor
- (assets >$10K) or non-investor, May 2006
- Figure 46: Hispanics that have sent money to friends or relatives in the last 12 months either within or outside the
- US, by income, January-September 2005
- Figure 47: Hispanics that have sent money to friends or relatives in the last six months, by primary language and nativity, May 2006
- Figure 48: Hispanics that have sent money to friends or relatives in the last six months, by census region and area type, May 2006
- Using banks to send money
- Figure 49: Hispanic respondents that used a bank (rather than another institution) to send money to friends or relatives in the last six months, by income, and investor (assets >$10K) or non-investor, May 2006
- Figure 50: Hispanics who have sent money within the US in the last 12 months, how sent, by income, January-
- September 2005
- Figure 51: Hispanics who have sent money outside the US in the last 12 months, how sent, by income, January-
- September 2005
- Figure 52: Hispanics that used a bank to send money to friends or relatives in the last six months, by nativity and primary language spoken, May 2006
- Figure 53: Reasons Hispanic respondents that sent money to friends or relatives in the last six months did not use a bank, by income and primary language, May 2006
- HISPANICS AND INVESTMENTS
- Figure 54: Investments owned and accounts held—Hispanic vs non-Hispanic investors, January-September 2005
- Figure 55: Mutual funds/brokerage accounts, by provider—Hispanic vs non-Hispanic respondents who own mutual funds, January-September 2005
- HISPANICS AND INSURANCE
- Figure 56: Life/health insurance ownership—Hispanics vs non-Hispanics, January-September 2005
- Health insurance
- Figure 57: Health insurance policy, how obtained—Hispanics vs non-Hispanics, January-September 2005
- Figure 58: Health insurance provider—Hispanic vs non-Hispanic, January-September 2005
- Life insurance
- Figure 59: Type of life insurance owned—Hispanic vs non-Hispanic respondents, January-September 2005
- Figure 60: Life insurance provider—Hispanics vs non-Hispanics, January-September 2005
- Auto insurance
- Figure 61: Auto insurance owned—Hispanics vs non-Hispanics, January-September 2005
- Figure 62: Auto insurance provider—Hispanics vs non-Hispanics, January-September 2005
- INDUSTRY ASSOCIATIONS
AbstractThe Hispanic market in the U.S. is an attractive target for financial corporations. Its size and growth are impressive, and make it an important segment for any player that aspires to increase or maintain its market share. At this point, most corporations have recognized the importance of Hispanics, and are involved in some form of marketing campaign aimed to capture a piece of this market.
This report focuses on the current state of the Hispanic market with respect to major financial industries, including banking, consumer debt, housing, insurance, investments, and sub-prime lending. It continues with a review of current marketing efforts by financial services companies targeting the U.S. Hispanic market.
A primary focus of this report is the Hispanic financial services consumer. Consumer research specially commissioned by Mintel examines the incidence of banking relationships in this group broken out by a number of demographic categories. It also looks at the attributes that Hispanic respondents use to choose a bank, the services they are using, and investment and insurance products owned by this population, as well as how those products were obtained.
This report covers the following financial industries with respect to the Hispanic market:
- Banking: checking accounts and remittances
- Consumer debt: credit cards and personal loans
- Housing: mortgages and home equity lines and loans
- Insurance: life, health, and disability policies
- Investments: current and retirement brokerage accounts
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