United States
1
Hispanic GDP 1.2 Trillion
Hispanic consumer market in the U.S. is larger than the entire economies of all but 13 countries in the world, according to annual UGA Selig Center Multicultural Economy study:
http://www.terry.uga.edu/news/releas...e-economies-of
Athens, Ga. — According to the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business, the buying power of minorities in the U.S has grown into a diverse and formidable consumer market in the last decade. The rise of minority buying power in the marketplace has generated a demand to learn why these gains are taking place as well as how to tailor products, advertising and media to each market segment.
“The numbers are impressive,” says Jeff Humphreys, director of the Selig Center and author of the Selig Center’s annual Multicultural Economy report. “For example, in 2012, the $1.2 trillion Hispanic market is larger than the entire economies of all but 13 countries in the world.”
The Selig Center’s annual report includes state-by-state projections of buying power for the nation’s three most populous racial groups (African American, Asian and American Indian), as well as Hispanics, who are categorized by the U.S. Census as an ethnic minority and not a racial minority. Its information provides businesses a first step towards a more comprehensive analysis of its markets and is among the most popular and downloaded resources offered by the Terry College. The full report is available at the Selig Center’s website.
According to Humphreys, buying power, also referred to as disposable income, is the total personal income available for spending on goods and services after taxes. The state-by-state projections are broken down by market size, growth rate and market share.
Other notable insights from this year’s report include:
- Total annual buying power in the United States, combining all racial categories, will exceed $12.2 trillion – an increase of 188 percent from 1990-2012.
- African American buying power will increase 73 percent between 2000 and 2012, which not only overtakes the 60 percent increase in Caucasian buying power, but also the 67 percent rise in total buying power of all races combined. Two factors contributing to the gains include a 61 percent increase in black-owned businesses in the five-year period between 2002 and 2007 and 84 percent of blacks over 25 years of age completing high school or college – a sharp increase from 66 percent in 1990.
- Americans of Asian ancestry, representing the third largest minority group, has achieved a 165 percent gain in buying power between 2000 and 2012 and will reach $1 trillion in 2017. The U.S. Asian market is already larger than the economies of all but 17 countries in the world. The Asian population is growing faster than the total U.S. population and the Selig Center projects the population to reach 17.2 million in 2012—a gain of 55.2 percent from 2000’s base population of 11.1 million. Demographic studies reveal 52 percent of Asians over 25 had a bachelor’s or advanced degree compared to 30 percent of Caucasians. Because the Asian consumer market is so diverse in national ancestries, languages and cultures, businesses that target subgroups will find rewarding niche markets.
- Georgia is now the 5th largest African-American consumer market in the United States ($73 billion) and owns a 21.8 percent share of total buying power for the state—the fourth largest share of any state. Compared to the Hispanic and Asian markets, which are concentrated in a handful of states, the African-American market is widespread and makes it an attractive customer segment.
Available for purchase from the Selig Center as a pre-packaged book and CD, “The Multicultural Economy” estimates minority buying power by applying economic modeling and forecasting techniques to data from various U.S. government sources. The model developed by the Selig Center integrates statistical methods used in economic forecasting with those of marketing research.
GDP- 1.2 Trillion (2011) GDP per Capita - 23,076 (2011)
GDP - 1.5 Trillion (2015) Growth - GDP per Capita - 29,305 (2015)
THE POWER OF THE HISPANIC MARKET
http://ahaa.org/default.asp?contentID=161
• The estimated Hispanic population of the United States is 52,000,000 (as of July 2011), making people of Hispanic origin the nation's largest ethnic or race minority. Hispanics constituted 16.7 percent of the nation's total population. In addition, there are 3.7 million residents of Puerto Rico, a U.S. territory. Source: 2011 Population Estimates <http://www.census.gov/popest/data/na...011/index.html>
• The projected Hispanic population of the United States on July 1, 2050 will be 132.8 million. According to this projection, Hispanics will constitute 30 percent of the nation's population by that date. Source: Population Projections <http://www.census.gov/newsroom/relea.../cb08-123.html>
• There are 8 states in the U.S. that have a population of 1 million or more Hispanic residents: Arizona, California, Colorado, Florida, Illinois, New Jersey, New York and Texas. Source: U.S. Census Bureau, August 2012.
• The Californai Department of Finance reveals that whites and Latinos each represent about 39% of California population, with a projection that Latinos will become a majority early in 2014. If that happens as predicted then California is expected to become the second state, behind New Mexico, in which Latinos are the largest racial or ethnic group. In 2060, Hispanics will make up 48 percent of the population compared to 30 percent for whites, according to state projections. (Source: Hispanic Business Magazine / California)
• 1 in 6 Americans is now a Hispanic.
• The size of the U.S. Hispanic population worldwide ranked 2nd, as of 2010. Only Mexico (112 million) had a larger Hispanic population than the United States (50.5 million). Source: International Data Base <http://www.census.gov/ipc/www/idbsum.html>
• The Hispanic labor force grew by 53 percent from 2000 to 2010 -- the largest increase of any segment. <2006-2010 American Community Survey Equal Employment Opportunity Tabulation>
• Hispanic kids make up 23% of the 17 & under U.S. population (over 17 million). This is a 39% increase in 10 years.
• Every 30 seconds, a Hispanic turns 18 years old.
• Sixty-five percent of U.S. Hispanics are Millennials, ages 22 to 35.
PURCHASING POWER
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• Hispanic estimated purchasing power is $1.2 trillion in 2012 according to the Selig Center for Economic Growth. In sheer dollar power, Hispanics' economic clout will rise from $212 billion in 1990, to $489 billion in 2000, to $978 billion in 2009 and to $1.5 trillion in 2015. U.S. Hispanic buying power will grow faster than African-American buying power (54 percent), Native American buying power (65 percent) and Asian buying power (89 percent).*
• Despite markedly lower average income levels, Hispanic households spent more on telephone services, men’s and boys’ clothing, children’s clothing, and footwear. Also, Hispanics spent a higher proportion of their money on food (groceries and restaurants), housing, utilities, and transportation.*
• Hispanics spent about the same as non-Hispanics on housekeeping supplies, furniture, appliances, women’s and girl’s clothing, and personal care products and services. Compared to non-Hispanics, they spent substantially less on alcoholic beverages, health care, entertainment, reading materials, education, tobacco products, cash contributions, and personal insurance and pensions.*
• The share of buying power controlled by Hispanic consumers will rise from 5 percent in 1990 to 6.8 percent in 2000 and to 9.1 percent in 2009, and the group’s share will rise in every state.
• The ten states with the largest Hispanic markets, in order, are California ($253 billion), Texas ($175 billion), Florida ($101 billion), New York ($76 billion), Illinois ($43 billion), New Jersey ($37 billion), Arizona ($31 billion), Colorado ($21 billion), New Mexico ($18 billion), and Georgia ($15 billion).
• In 2008, 25 percent of children younger than 5 years were Hispanic and Hispanics comprise 22 percent of all children younger than 18.
• Hispanics' spending patterns already help to determine the success or failure of many youth-oriented products and services. According to the 2007 American Community Survey, 33.9 percent of the Hispanic population is under age 18 compared to 22.8 percent of the non-Hispanic population. Also, in 2007, only 5.5 percent of Hispanics were over 65, compared to 23.8 percent of the non-Hispanic population.
• U.S. Latinos accounted for 11%, or $2.2 billion, of total e-commerce purchases made across the United States in the first quarter of 2012. (Ad Age, Six Things Advertisers Need to Know About the Growing Hispanic Market)
• This segment contributed 34.8% of the growth in the Technology, Telecommunications and Entertainment industries according to our Ad Spend research.
• The Hispanic consumer is spending more dollars at retailers offering brand names with the fashion footwear styles they want. Hispanic women spent an estimated $3.3B on fashion footwear (June 2012 – May 2013), representing 18 percent of the total women’s fashion footwear market. (Source: NPD Group)
• U.S. Hispanics are more likely to purchase grocery foods, dairy, and bread from convenience stores (c-stores) than non-Hispanics, reports The NPD Group. Spanish-dominant Hispanics are more likely to make grocery item purchases at c-stores than other Hispanics. (Source: NPD Group's 2013 C-Store
TRENDS IN HISPANIC LABOR & BUSINESS
• At nearly 23 million, people of Hispanic or Latino ethnicity represented 15 percent of the U.S. labor force in 2011. By 2020, Latinos are expected to comprise 19 percent of the U.S. labor force. (Source:U.S. Department of Labor Report)
• In 2011, 5.8 percent of Latinos were self-employed compared to 7.2 percent among Whites. (Source:U.S. Department of Labor Report)
• According to the most recent Census Bureau Survey of Business Owners (2007), Latino-owned businesses were the fastest growing small business sector prior to the recession, expanding at nearly twice the rate of the national average between 2002 and 2007. In fact, the entry rate of Latinos into self-employment compares favorably to that of non-Latino Whites. (Source: U.S. Department of Labor Report)
• In March 2012 Javier Palomarez, President and CEO of the USHCC said, “Despite the challenges brought about by the recession, Hispanic businesses have still managed to thrive, growing over 44 percent in the past five years and generating new ventures three times faster than the general population.” (Fox Latino)
• There will be nearly 3.2 million Hispanic-owned businesses in the country in 2013 (projected), up from nearly 1.7 million in 2002. (Source: USHCC and Geoscape)
• The number of Hispanic-owned businesses in the United States increased by 43.6 percent to 2.3 million, more than twice the national rate of 18.0 percent between 2002 and 2007. About 45.8 percent of all Hispanic-owned businesses are owned by people of Mexican origin.**
• Hispanic-owned businesses generated $350.7 billion in sales in 2007, up 58 percent compared with 2002. The number of Hispanic-owned businesses with receipts of $1 million or more increased 51.6 percent — from 29,168 to 44,206 businesses between 2002 and 2007.**
• Hispanic-owned businesses comprise 23.7 percent of all businesses in New Mexico, highest among all states, followed by Florida (22.4 percent), Texas (20.7 percent), California (16.5 percent) and Arizona (10.7 percent).**
• More than half of Hispanic business owners (55 percent) were born in the U.S., and for those business owners born outside the U.S., they have lived in the country for an average of 35.4 years. (PNC Bank Study, 2012)
• In 2007, businesses owned by people of Mexican origin accounted for 45.8 percent of Hispanic-owned businesses; Cuban origin accounted for 11.1 percent, Puerto Rican-owned businesses accounted for 6.9 percent and businesses owned by other people of Hispanic origin accounted for 34.5 percent.
• The number of businesses owned by people of Mexican origin increased by 47.7 percent between 2002 and 2007; the number of Puerto Rican-owned businesses increased by 43.0 percent, the number of Cuban-owned businesses increased by 65.5 percent, and the number of other Hispanic-owned businesses increased by 30.6 percent.
• The number of Hispanic-owned businesses with 100 or more employees increased by 26.4 percent from 1,508 to 1,906. These businesses generated $74.2 billion in revenues, an increase of 76.6 percent from 2002.
• Of all companies owned by minority women, 36 percent are owned by Latinas, a number that continues growing and is generating $55 billion a year, according to the 2010 U.S. Census. (USHCC March 2012)
More info: http://ahaa.org/default.asp?contentID=161
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Originally Posted by Black Sun Dimension
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