Portada’s Census Preview Report is out this week. A few highlights below.
Hispanics will continue to grow and become the largest “minority” outpacing the growth of the general market
‒ The 2000 U.S. Census projected that by 2010 Hispanics would make up 16% of the total U.S. population and 24% by 2050. Some estimates predict that Hispanics will amount to 30% of the U.S. population by 2050. U.S. born Hispanics will drive the majority of growth.
Hispanics will be represented in more geographical areas of the U.S.
‒ The Hispanic population in states which traditionally had a relatively small number of Hispanics will grow exponentially
Age Distribution will show that Marketers targeting Gen Y need to think Hispanic
‒ 22% of the U.S. population under the age of 18 is Hispanic and 18% of the U.S. population between the ages of 18 and 44
Spanish will continue to be the dominant language spoken among Hispanics
‒ In 2009, a significant percent of the market communicated only or mostly in Spanish (37%), a 68% change from the 2000 Census
Hispanics' wallets will continue to get fatter
‒ Hispanic spending power increased by 6.4% between 2005 and 2008 versus 2.9% for the general U.S. population. Small Business Owners are growing faster among Hispanics than in the General Market. Between 2002 and 2007 the number of Hispanic Business Owners increased by 43% vs. 14.5% for non Hispanics.
Hispanic consumer spending led overall U.S. market growth in the following categories
‒ Food business - Growth in Hispanic spending explains 30% of the growth of the overall market
‒ Education - U.S. Hispanics spent 58% more on education compared to 9% for non-Hispanics
‒ Entertainment - U.S. Hispanics increased their entertainment spend on fees and admissions by 14% as compared to a 7% decline for non-Hispanics
