Hispanics set to account for 67% of total US population growth

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 21, 2021, 5:25 PM UTC

The Hispanic American population represents more than $2 trillion in consumer spending power.

According to a Claritas report, the Hispanic population in the US is at 63.6 million and accounts for 67% of the total US population growth from 2021 to 2026. Hispanic Americans are expected to add an average of 3,517 new members every day from 2021 to 2026.

The report says that 58% of Hispanic households do not subscribe to cable TV services. Additionally, this population is 34% more likely to watch live TV on their mobile phones. As far as apps are concerned, 63% of Hispanics prefer Netflix. 24% of all households that shopped for healthcare online during the last six months were Hispanic.

Hispanic households are also willing to switch to wireless service providers in the coming 12 months. When it comes to shopping retail, 34% of the growth in apparel spending is expected to originate from Hispanic consumers over the next five years. Similarly, Hispanics are also likely to contribute to 66% of spending growth in auto parts, equipment and accessories.

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