US Hispanics are tipped to spend US$1.3 trillion in the US market during 2013, according to a recent report from Hispanicize and published by SocialMediadd.
The report said that one in six adults in the US is Hispanic and Hispanic-owned businesses are growing three times faster than the general market.
There are now over 50m Hispanics in the US, a growth of 46.3 per cent over the last decade, plus an additional 10m+ undocumented Latinos living in the US, according to Hispanic Latino Marketing 2012 statistics.
According to a 2006 University of Georgia study, Hispanic spending power stood at US$200bn a year in 1990, which by 2007 had soared to US$860bn a year.
In 2011, Hispanic spending power was estimated to reach US$1.2 trillion on the back of Latino customers being more positive about the US economy and spending more during the recession unlike their non-Hispanic counterparts.
As a result, Hispanicize said US Hispanics will play a pivotal role in how companies market their products and services in the US in the future.
According to the CEO of SocialMedia and marketing expert Brandon Gaille, the Hispanic market can not be ignored in any advertising campaign even the US presidential election.
“The upcoming presidential election will be determined by the Hispanic vote and the ad campaigns for the candidates.'
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