Hispanics: Demographic and Consumer Spending Trends

Packaged Facts
172 Pages - MSPF10154
$3,995.00

This new Packaged Facts report unmasks the simple but powerful formula that lies behind the recent remarkable growth in Hispanic spending power. First, the number of Hispanic households has been growing faster than the number of non-Hispanic households. Second, average spending by Latino households has increased more than average spending by non-Hispanic households. These two basic variables (more rapid household growth + higher growth in average spending) add up to a higher rate of growth in aggregate spending by Latino households than non-Latino households in recent years.

As a result, Latino consumers have become the most important driver of growth in a wide variety of consumer expenditure categories. For example, between 2012 and 2015 increased spending by Latino households represented around 40% of the growth in aggregate spending for household equipment such as computers and telephones and 25% of the growth in aggregate consumer spending for new cars and trucks. Latino households accounted for double-digit shares of growth in aggregate expenditures for furniture (20%), major appliances (18%), audio-visual equipment and services (17%) and small appliances (16%).

The same phenomenon has occurred in the use of financial services. Over the past decade the percent of Hispanic individuals and households using a wide array of financial services has grown faster than it has among non-Hispanic consumers. As a result, Hispanic consumers have become a pillar of growth in the financial services industry. For example, between 2005 and 2015 growth in credit card use by Latinos grew 11 times faster than it did among non-Hispanics (44% vs. 4%). The 5.1 million additional Latinos with credit cards accounted for around half (49%) of the growth in the number of consumers using credit cards.

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Executive Summary
Scope of the Report
Methodology
Insights and Opportunities
Latino Consumers Make Major Shifts in Spending Priorities
Household Services Take Away from Spending on Household Products
Latinos Ramp Up on Insurance Coverage
Hispanic and Non-Hispanic Spending Trends Differ
Hispanic Consumer Base Will Continue Rapid Expansion
Latino Consumers Offer High Hopes for Financial Services Marketers
Hispanic Millennials Key to the Future of Financial Services Industry
Hispanic Population Trends
Latino Population Growth Drives Multicultural Shift in U.S.
U.S.-Born Latinos Spark Hispanic Population Growth
Hispanic Population Has Impact Throughout the U.S.
Mexicans Predominate, Central American Population Grows Fastest
Hispanic Immigration Slows as Outmigration Grows
Acculturation Will Lead to Lower Birth Rates
Latinos Still Set to Increase Impact on American Society
Latinos Will Form Majority in California and Texas by 2060
Language and Acculturation Trends
English Usage on the Upswing
Latinos Divide into Distinct Acculturation Segments
Foreign-Born Latinos Will Remain Key Segment
Most Hispanics Still Marry Other Hispanics
Demographic Trends
Latinos Major Force in Younger Age Segments
Age Structure Varies by National Origin
Latino Population Skewed Toward Males
Education Lifts Up More Latinos
High-Paying Jobs for Latinos on the Upswing
Middle-Income Households at the Heart of Hispanic Population
Solid Growth in Upper-Income Latino Households
Children Remain a Fundamental Feature of Hispanic Households
Larger Households More Common Among Latinos
Mexican Households Most Likely to Be Married-Couple Families
Trends in Hispanic Buying Power
Aggregate Personal Income Growth Far Above Average
Mexicans Dominate
Buying Power of Latinos Tops $1.3 Trillion
Hispanic Buying Power to Reach $1.8 Trillion in 2020
Latino Consumers Wield Growing Power in American Marketplace
Recent Trends in Hispanic Consumer Spending
Spending on Big-Ticket Items Up
Food and Apparel Spending Down
Household Services Winning Out Over Household Products
Hispanics Boost Insurance Expenditures
Use of Financial Services by Latinos
Latino Ownership of Bank Accounts Shows Robust Growth
Attachment to Cash Declines
Dramatic Increase in Hispanic Credit Card Use
Use of Debit Cards More than Doubles among Latinos
Latinos Offer Growth Opportunity for Life Insurance Industry
Health Insurance Coverage Rises Among Latinos
Latinos Account for Most of the Growth in Auto Insurance Coverage
Tenants Insurance for Latinos Experiences Exponential Growth
Marketing to Hispanic Consumers
Fewer Latinos Connect with Spanish-Language Advertising
Traditional Latinos Still Relate to Spanish-Language Advertising
More Hispanics Gravitate to English-Language Media
Millennials in Vanguard of Acculturated Latinos
Insights and Opportunities
Topline Insights
Latinos Drive Growth in Consumer Spending
Where Latinos Have Had the Biggest Impact on Consumer Spending
Growth in Financial Services Increasingly Depends on Latino Consumers
Latino Consumers Make Major Shifts in Spending Priorities
Table Share of Total Annual Consumer Expenditures by Hispanic Households: By Expenditure Category, 2012 vs. 2015
Big-Ticket Items Gain Ground
Latinos Investing in Nesting
Household Services Take Away from Spending on Household Products
Latinos Ramp Up on Insurance Coverage
Hispanic vs. Non-Hispanic Spending Trends Differ
Table Largest Differences in Spending Changes for Hispanic vs. Non-Hispanic Households: By Expenditure Category, 2012 vs. 2015
Market Trends and Opportunities
Hispanic Consumer Base Will Continue Rapid Expansion
Marketers Will Encounter Growing Core of Higher-Income Households
Traditional Latinos Will Continue to Matter to Marketers
Latino Consumers Offer High Hopes for Financial Services Marketers
Hispanic Millennials Key Part of Future for Financial Services Industry
Hispanic Millennials Have Different Views About Financial Services
Cellphone Use Makes Latinos "Super Consumers"
Hispanic Population Trends
Hispanic Population Growth Trends
Latino Population Tops 55 Million
Table U.S. Population by Race and Hispanic Origin, 1990-2014 (in thousands and percentages)
Latino Population Growth Drives Multicultural Shift in U.S.
Table U.S. Population Growth: Multicultural vs. Non-Hispanic White Population Segments, 1990-2014 (in thousands)
U.S.-Born Latinos Spark Hispanic Population Growth
Table Growth in Number of U.S.-Born vs. Foreign-Born Hispanics, 2005-2014 (in thousands)
Where Latinos Live
Hispanic Population Remains Highly Concentrated
Table States with Largest Hispanic Populations, 2014 (in thousands)
Table Top 5 States Ranked by Size of Growth in Hispanic Population, 2010-2014 (in thousands)
Hispanic Population Grows in Wide Range of Locales
Table Selected States With High Rate of Growth in Hispanic Population, 2010-2014
Where Latinos Come From
Mexicans Predominate
Table Hispanic Population by Country of Origin, 2014 (in thousands)
Central American Population Grows Fastest, Mexican Grows the Most
More Diversity Outside the West and Southwest
Table States with Largest Concentrations of National Segments of Latino Population, 2014 (in thousands)
National Groups Cluster in Handful of States
Table National Segments of Latino Population Ranked by State, 2014 (in thousands)
Hispanic Population Growth Projections
Pace of Hispanic Population Growth Expected to Slow
Hispanic Immigration Slows as Outmigration Grows
Acculturation Will Lead to Lower Birth Rates
Latinos Still Set to Increase Their Impact on American Society
Table U.S. Population Projections by Race and Hispanic Origin, 2015, 2020, and 2025 (in thousands)
Table Projected Share of Growth in U.S. Population by Race and Hispanic Origin, 2015-2025 (in thousands)
Latinos Will Form Majority in California and Texas by 2060
Language and Acculturation Trends
Language Trends
Spanish Usage Slowly Declining
English on the Upswing
Wide Differences in English-Language Use Across National Origins
Slowing Immigration Will Affect Dominance of Spanish Language
Generational Change Leads to Rise in English-Language Use
Table English Language Use by U.S.-Born Mexicans by Age Group and Place of Birth of Parents, 2015
English vs. Spanish Not a Simple Issue for Many Latinos
Table Languages Spoken in Home of Latinos vs. Languages Prefer to Speak, 2015
Acculturation Trends
Latinos Divide into Distinct Acculturation Segments
Table Degree of Acculturation of Latinos by Place of Nativity and Languages Spoken in Home, 2015 (in thousands)
Table Hispanic Degree of Identification with Original and Host Cultures by Place of Birth and Language Usage, 2015
Differences in Acculturation Have Many Implications
Table Attitudes of U.S-Born and Foreign-Born Hispanics Toward Maintaining Hispanic Culture: By Acculturation Segment, 2015
Demographic Profiles Vary Across Acculturation Spectrum
Table Demographic Profile of Hispanics by Degree of Identification with Original and Host Cultures and by Place of Birth and Language Usage, 2015
National Segments Vary in Extent of Acculturation
Table Degree of Identification with Original and Host Cultures by National Origin, 2015
Looking to the Future of Hispanic Culture in America
Foreign-Born Latinos Will Remain Key Segment
Table Hispanic Population Projections by Place of Birth, 2015-2025 (in thousands)
Most Hispanics Still Marry Other Hispanics
Table Growth in Number of Married Couples and Opposite-Sex Unmarried Couples by Presence of Children and by Hispanic Origin of Both Spouses/Partners, 2000-2015
Most Latinos Agree "You Don't Have to Speak Spanish to Be Latino"
Demographic Trends
Age and Gender
Hispanics Younger than Average
Latinos Major Force in Younger Age Segments
Latinos Drive Growing Power of Multicultural Youth
Youngest Latinos Already in Majority in California and Texas
Table Hispanics as Percent of Population Under 18 Years of Age in California and Texas: By Age Group, 2014
Age Structure Varies by National Origin
Latino Population Skewed Toward Males
Table Percent of Males by Age Group: Hispanic vs. Non-Hispanic Population, 2014
Education and Occupational Trends
Education Lifts Up More Latinos
Gender Gap Widens
High-Paying Jobs for Latinos on the Upswing
Education and Occupations Vary Across National Groups
Household Income
Middle-Income Households at the Heart of Hispanic Population
Solid Growth in Middle- and Upper-Income Latino Households
Table Increase in Number of Households with Income of $75,000 or More: Hispanic vs. All Households, 2005 vs. 2014 (in thousands)
Cubans and South Americans Most Affluent Latino Segments
Household and Family Structure
Children Remain a Fundamental Feature of Hispanic Households
Most Hispanic Kids Live with Two Parents
Table Living Arrangements of Children under 18: Hispanic vs. All Children, 2015
Larger Households More Common Among Latinos
Mexican Households Most Likely to Be Married-Couple Families
Buying Power Trends
Hispanic Buying Power Trends
Aggregate Personal Income Growth Far Above Average
Latinos Account for 10% of Aggregate Personal Income
Table Aggregate Personal Income: Hispanic vs. Other Population Segments, 2014
Mexicans Dominate
Table Aggregate Personal Income of Hispanics by National Origin, 2014
Buying Power of Latinos Tops $1.3 Trillion
Table Buying Power of Hispanic Consumers, 2010-2015 (in billion $)
Projected Growth in Hispanic Buying Power
Factors Affecting Growth in Hispanic Buying Power
Table Projected Population Growth of Hispanics vs. Non-Hispanics, 2015-2020 (in thousands)
Hispanic Buying Power to Reach $1.8 Trillion in 2020
Table Projected Growth in Buying Power of Hispanic Consumers, 2015-2020 (in millions of dollars)
Recent Consumer Spending Trends
Overview
Latino Spending Priorities Undergo Radical Shift
Table Key Changes in Spending Patterns of Hispanic Households: By Expenditure Category, 2012 vs. 2015
Top Spending Trends
Latino Spending on Automotive Vehicles Surges
Table Aggregate Spending on Automotive Vehicles by Hispanic vs. Non-Hispanic Households, 2012-2015 (in millions of dollars)
Table Aggregate Spending on New Cars and Trucks by Hispanic vs. Non-Hispanic Households, 2012-2015 (in millions of dollars)
Table Aggregate Spending on Used Cars and Trucks by Hispanic vs. Non-Hispanic Households, 2012-2015 (in millions of dollars)
Hispanics Now Spend More on Household Services, Less on Products
Table Aggregate Spending on Housekeeping Supplies by Hispanic vs. Non-Hispanic Households, 2012 vs. 2015 (in millions of dollars)
Latinos Becoming Prime Customers for Insurance Industry
Table Aggregate Spending on Health, Auto and Life and Other Personal Insurance by Hispanic vs. Non-Hispanic Households, 2012-2015 (in millions of dollars)
Big Boost in Latino Spending on Furniture and Appliances
Table Aggregate Spending by Hispanic vs. Non-Hispanic Households on Household Furnishings and Equipment, 2012-2015 (in millions of dollars)
Table Expenditures on Household Furnishings and Bedding, Bath & Linens by Hispanic Households in Last 12 Months, 2012 vs. 2015 (in thousands of households)
Table Aggregate Spending by Hispanic vs. Non-Hispanic Households on Household Furnishings and Equipment by Category, 2012-2015 (in millions of dollars)
Hispanics Embrace Cellphones with More Spending
Table Aggregate Spending by Hispanic vs. Non-Hispanic Households on Telephone Service by Category, 2014-2015 (in millions of dollars)
Latinos Spend Less on Apparel
Table Aggregate Spending by Hispanic vs. Non-Hispanic Households on Apparel and Footwear by Category, 2012-2015 (in millions of dollars)
Expenditures on Food at Home Show Modest Gain
Restaurant Spending Flat
Use of Financial Services by Latinos
Banking Services
Latinos Turn to Savings Accounts
Latino Ownership of Bank Accounts Shows Robust Growth
Table Number of Hispanics vs. Non-Hispanics with Bank Accounts: By Type of Account, 2005 vs. 2015 (in thousands)
Credit and Debit Cards
Attachment to Cash Declines
Dramatic Increase in Hispanic Credit Card Use
Table Number of Hispanics vs. Non-Hispanics Using Credit Cards, 2005 vs. 2015 (in thousands)
American Express Grabs Latino Market Share
Table Number of Hispanics vs. Non-Hispanics Using Credit Cards: By Type of Credit Card, 2005 vs. 2015 (in thousands)
Use of Debit/ATM Cards More than Doubles among Latinos
Table Number of Hispanics vs. Non-Hispanics Using Debit/ATM Cards, 2005 vs. 2015 (in thousands)
MasterCard Debit Card Gains Among Latinos
Table Number of Hispanics vs. Non-Hispanics Using Debit Cards: By Type of Debit Card, 2005 vs. 2015
Insurance
Latinos Offer Growth Opportunity for Life Insurance Industry
Table Number of Hispanic vs. Non-Hispanic Households Carrying Life Insurance, 2005 vs. 2015 (in thousands)
Health Insurance Coverage Rises among Latinos
Table Number of Hispanics and Non-Hispanics Carrying Medical/Health/Hospital Insurance, 2005 vs. 2015 (in thousands)
Latinos Account for Most of the Growth in Auto Insurance Coverage
Table Number of Hispanic vs. Non-Hispanic Households Carrying Automotive Insurance, 2005 vs. 2015
Tenants Insurance for Latinos Experiences Exponential Growth
Table Number of Hispanic vs. Non-Hispanic Households Carrying Homeowners and Tenants Insurance, 2005 vs. 2015 (in thousands)
Marketing to Hispanic Consumers
Overview
Demographic Change Continues to Alter Marketing Landscape
Table Degree of Acculturation of Latinos, 2015 (in thousands)
Fewer Latinos Connect with Spanish-Language Advertising
Traditional Latinos Still Relate to Spanish-Language Advertising
Spanish-Language Ads Can Have Broad Impact
More Hispanics Gravitate to English-Language Media
Spanish-Language Media Still the Focus of Traditional Latinos
Millennials in Vanguard of Acculturated Latinos
Table Degree of Acculturation of Latinos by Age Group, 2015 (in thousands)
English-Language Media Dominate Among Hispanic Millennials
Spanish-Language Ads Appeal to Millennials' Pride in Hispanic Heritage
Marketing Approaches
Macy's Looks to Latinas with Thalia Line
Target Focuses on Hispanics
Toyota Succeeds with Hispanics
Financial Services Industry Sees Opportunity in Hispanic Market
Well Fargo Targets Hispanic Home Buyers
MassMutual Launches Su Negocio Program

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