Latinos in Arizona spent $42B on consumer goods in 2016, study finds
Sep 22, 2017, 8:43 AM | Updated: 9:51 am
(Pixabay Photo)
(Pixabay Photo)
PHOENIX — Latinos in Arizona spent about $42 billion on consumer goods in 2016, a new study from the Arizona Hispanic Chamber of Commerce found.
The spending amounted to 16.8 percent of the total consumer spending in the state in 2016, which came in at $247 billion. Nationwide, Latinos spent $1.4 trillion on consumer goods throughout the year, the study found.
By the end of 2017, Latinos are predicted to spend between $44 and $45 billion on consumer goods in Arizona. The state has ranked seventh in the nation for the most amount of Hispanic consumer spending.
The study also found that the Hispanic population in Arizona is on the rise, influencing the growth of Latino-owned businesses and the housing market in the state.
Thirty-three percent of Arizonans identify as Hispanic, according to the U.S. Census data from 2016. According to the 2000 U.S. Census data, Hispanics made up just 12.5 percent of the state’s population.
More than 123,000 business in Arizona today are owned by Latinos, a small fraction of the 4.8 million Latino-owned businesses in the entire country. The estimated total sales receipts for those national businesses is projected to be $640 billion.
In 1996, just 10 percent of new businesses were started by Hispanics, which jumped to 20 percent in 2006.
The growing Latino population in the country can also be seen in all levels of education.
Hispanic children will make up a majority of K-12 students in Arizona by 2020, the study found. The dropout rate among Hispanics also decreased from 32 percent to 12 percent since 1990.
But Hispanics nationwide are also pursuing higher education more than ever.
In 2013, Hispanics earned about 10 percent of all bachelor’s degrees at colleges and universities nationwide and today, nearly half of the 4.8 million Latino business owners in the country have a college degree.
The study also predicted that 52 percent of new homeowners between 2010 and 2030 will be Hispanic.
