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March 8, 2005
Hispanic Population Not Just Growing, But Growing Wealthier
Radio market research firm Arbitron recently released a study called the Power of Hispanic Consumers, 2004-2005 (pdf). While the growth in numbers in the Hispanic market is generally understood, the rising wealth of this demographic is not, in our view.
Here are a few facts of note we pulled from the Arbitron study:
• Hispanics are younger than the general population.
• Larger families; 55.1 percent of Hispanic households have four or more members
• Heavy spending, particularly in certain categories such as groceries, infant and children's clothing, and telecom services.
• Over one-third of Hispanics have some college education, college degree or more.
• Hispanic consumers are more likely to be employed than the average person in the United States, whether full-time or part-time.
• There are 14 million Hispanics 18+ employed full-time in the United States Hispanics spend, in part, due to larger household sizes
• More than 11.6 million Hispanics 18+ are homeowners. (Homeownership, of course, is the greatest store of net worth for most American families.)
• Nearly three million Hispanics 18+ own homes valued at $250,000 or more
• 52 percent of Hispanic adults 18+ own a computer (over 13.7 million)
• Over 21 percent have spent $100+ on Internet purchases
The Hispanic demographic in the United States is generally better educated, wealthier, and more "wired" than what is generally perceived.
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