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 to The U.S. Hispanic Market, a new report from market research publisher 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.

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