In 2013, Pew Research reported that the median Hispanic income of foreign born Hispanic households was $39,000 per year, far below the $50,000 per year income of other U.S. households. The number rose to 42,400 in U.S. born Hispanic households. The 2011 U.S. Census Bureau said that the U.S. Hispanic population represented 16.7% of the entire population, up from 12.5% found ten years earlier.
Furthermore, The Bureau of Labor Statistics found the Hispanic labor force will have the highest annual growth rate, 2.9% between 2008 and 2018. In 2013, AAHA Market Research issued “Hispanic Fast Facts,” listing the top states for Hispanic purchasing power. The top three – California, Texas and Florida – respectively spent $253 billion, $175 billion, and $101 billion.
Latinas, the decision makers in Hispanic homes when it comes to shopping, are becoming more sophisticated. 73% of them are currently enrolling in college. 2013 AC Nielsen research tells us Latinas make 67% of all food purchases and 55% of all beverage purchases.
By 2060, they will be 30% of the entire U.S. female population which is now 86% of household purchasing power. Hispanic buying power rose to $1.2 trillion and is expected to rise to more than $1.7 trillion in 2018. It’s a great opportunity for marketers and product developers who need to factor better education and sophistication as part of their positioning.