Hispanics Responsible For Significant Growth In Consumer Markets.

Hispanics in the United States, the fastest-growing minority group, are increasingly the major driving force behind revenue growth in many consumer product and service markets, according Packaged Facts, a division of MarketResearch.com.

Hispanics were responsible for 15.6% of the growth in aggregate consumer expenditures that occurred between 1998 and 2003, the report noted. Total spending by Hispanic households increased by $140 billion during this period.

Looking at specific markets, the report found that, between 1998-2003, Hispanics were responsible for nearly half (48.3%) of the growth in spending on cereals and cereal products and more than one-third (34.6%) of the growth
in expenditures for furniture.

Between 1998 and 2003, total expenditures for men’s and boys’ apparel grew by only $141 million, but Hispanic expenditures increased by $2.2 billion.

Packaged Facts estimates that the buying power of the Hispanic market is currently $766 billion, and will approach $1.1 trillion by 2010. “Although much has been written about the exploding Hispanic population in the U.S., we’re only now starting to appreciate the true impact this growth is having in the marketplace,” said Don Montuori, publisher of Packaged Facts. “Hispanics will account for one-sixth of the U.S. population by 2010, and no company can afford to overlook these consumers.”

For more information at http://www.PackagedFacts.com