Consumer Sentiment Study Finds Hispanics and African-Americans More Optimistic on Finances and Spending in New Year [REPORT]

ThinkNow Research announced the results of its fourth annual ThinkNow Pulse Consumer Sentiment Study across a representative sample of Hispanics, African-Americans, Asians and non-Hispanic whites in the U.S.

Major findings from the study include 43 percent of Hispanics state their household financial situation has improved compared to this time last year, followed by 39 percent African-Americans and 38 percent of whites.

Looking ahead, more than half (56 percent) of Hispanics predict their personal finances will be better in 2017 than last year. And, even more optimistic, almost two-thirds of African-Americans (63 percent) indicate their personal finances will be better in 2017.

Minority Purchasing Power Growing

This optimism is fueled by rising incomes for minorities as reported by the U.S. Census Bureau study on Income and Poverty in the United States (2015). The top three big ticket items for Hispanics include purchasing new home electronics, new computers and laptops, and tablets.

More than one-third (34 percent) of African-Americans, particularly Millennials, plan to become homeowners in 2017. Additionally, almost one-half (49 percent) of African-Americans expect to purchase a brand new car or truck this year.

“Minority consumers are fast becoming the majority in the U.S. representing 120 million people,” says Mario Xavier Carrasco, co-founder and managing partner, of ThinkNow Research. “Minorities represent $3.5 trillion in purchasing power and home electronics, retailers and auto manufacturers have a significant opportunity to grow market share in this segment with consumers ready to buy.”

Availability of Jobs and Rising Prices Top Concerns

Regarding consumer predictions on the overall U.S. economy, 41 percent of all respondents think it will be better in 2017 than last year and 26 percent think it will be about the same and 23 percent believe it will worsen.

The top economic issues that concern consumers are the availability of jobs (31 percent) and rising prices (29 percent). Almost equal numbers of Hispanics (38 percent) and African-Americans (35 percent) think the economy is growing slowly compared to 42 percent of Asians and whites. However, almost one-quarter (23 percent) of all consumers believe the economy is stagnating.

The presidential election results had the most positive impact on the personal outlook of whites with one-third (33 percent) feeling much more optimistic for 2017. Comparatively, 26 percent of Hispanics and only 16 percent of African-Americans feel much more optimistic as a result of the election.

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