Report: Arizona Hispanic Purchasing Power To Top $42 Billion In 2016
In the past 20 years, Arizona’s Latino population has doubled and represents about 30 percent of the state. Recognizing the group’s economic power is an ongoing goal of the Arizona Hispanic Chamber of Commerce. On Tuesday, the Chamber released DATOS 2016, its annual report on the state’s Hispanic market.
The report paints a picture of the “Hispanic Super Consumer”. In Phoenix, the report finds they’re more likely than non-Hispanics to visit casinos, buy lottery tickets, and attend movies on opening weekends. They’re also more likely to shop online and use smartphones to download apps and coupons.
In order to cash in, Monica Villalobos, vice president of the Arizona Hispanic Chamber, said businesses need to invite Hispanics in.
“Make sure that you’ve got a site that is bilingual, a site that is user friendly that Latinos can gravitate toward and you’ll find that they’re some of the best consumers.”
The report said Hispanics in Phoenix spend about 10 percent more on groceries and dining out than non-Hispanics, details that Villalobos says are valuable to business owners.
“It helps guide their decisions about maybe what product extensions. How to position their brands in the community. What media to use. What language they should be communicating in,” she said.
DATOS AZ 2016 Highlights
· 2.1 million Hispanics in Arizona, 30.3 percent of the total population.
· By 2020, Hispanic children will be a majority of all K-12 students in Arziona.
· Arizona’s Hispanic population has tripled between 1990 and 2015.
· By 2019, Hispanic purchasing power in Arizona is expected to top $49 billion.
· A majority of Hispanic-owned businesses in Arizona today are owned by women.