Inflating Hispanic Market Buying Power Much?

Posted: Apr 22 2014

More, more, and more. In perusing the news, I happened upon another article touting the latest numbers on Hispanic buying power. $212.8 billion in 2012 Hispanic buying power in Florida. That’s a huge chunk of change, and in comparing that number to other states, I wonder how correct it is. In anotherarticle on Hispanic buying power from 2011, the figure put forth is $107 billion. So there’s a big difference between $107 and $212.8 billion. I’m going to say the $212.8 billion is overrated. Here’s my chart, I pulled data from various locations, and population information from Pew Hispanic. Take a look at the chart, and then I’ll explain.

State

Buying Power

Hispanic Population

Minnesota

$5.4 billion (2012)

257,000 thousand 5% of population

Florida

$212.8 billion (2012)
$107 billion (2011)

4.3 million 23% of population

New Jersey

$39 billion (2010)

1.6 million 18% of population

Texas

$176 billion (2010)

9.8 million 38% of population

Idaho

$3.2 billion (2011)

182,000 thousand 11% of population

Colorado

$22 billion (2010)

1.1 million 21% of population


The quick version, is to take a look at Texas. Texas has double the Hispanic population of Florida, and it still comes in at a lower estimated buying power. The Hispanic market is big and it's only going to get bigger, so don’t get me wrong. (In fact the $1.2 trillion (2012) Hispanic market in the U.S. is larger than the economies of all except 13 countries in the world.) Now, perhaps the study is right on the $212.8 billion, it may take into account other information.  But careful on reading the numbers on face value.  I'm just saying, careful on the numbers, as the market is...and will be big enough.  

-Zee Diaz
Zee is a writer for Hispanic.com

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