Report: Asian and Hispanic households outspend White non-Hispanic households
MIAMI — Among today’s active American households, the average Asian and Hispanic household will spend far more in their remaining lifetimes than White non-Hispanic households — by more than $800,000 and $400,000 for the average active household, respectively, according to a report issued Wednesday by Geoscape. The report, titled the 2013 American Marketscape DataStream Report, also found that Latino populations in the United States are projected to reach 55 million by July 1, and that White non-Hispanic populations in California and Texas are now a minority.
“After several consecutive decades of growth, U.S. businesses are starting to recognize that the new mainstream consumers are a diverse, multicultural and, most importantly, economically powerful group that now represents nearly all spending growth into the foreseeable future,” stated Cesar Melgoza, CEO of Geoscape. “The 2013 American Marketscape DataStream Report provides an understanding of these demographic and population shifts that businesses must grasp to stay relevant and successful in today’s economy.”
Also in the report, Los Angeles, New York and Chicago markets are currently home to the largest multicultural populations and many smaller markets, including Seattle, Salt Lake City and Portland, Ore., are projected to have greater multicultural growth than Los Angeles, New York and Chicago between 2013 and 2018.
Of the 25 largest populated markets in 2018, the three markets with the highest projected Hispanic growth rates between 2010 and 2018 are Raleigh-Durham, N.C., Seattle-Tacoma, Wash., and St. Louis, Geoscape noted.