Hispanic Buying Power on the Rise

Consumer spending by Hispanics reached $531 billion in 2002, an increase of more than 50 percent in the last five years, according to a study commissioned by Spanish-language television network Telemundo. Hispanic consumer spending is predicted to grow at an annual rate of 9.1 percent until 2020, exceeding national growth by three percentage points. The product categories that show the most growth among Hispanics include new cars and light trucks, movie tickets, prescription drugs, the financial products market, consumer electronics and quick-service restaurants.