Arizona Hispanic purchasing power expected to hit $42.5 billion in 2016

Sep 27, 2016, 5:05 PM | Updated: Sep 28, 2016, 1:33 pm

(AP Photo/dpa, Bodo Marks,file)...

(AP Photo/dpa, Bodo Marks,file)

(AP Photo/dpa, Bodo Marks,file)

PHOENIX — Hispanics in Arizona are spending big bucks this year: Purchasing power by the demographic is estimated to hit $42.5 billion in Arizona by year’s end.

The estimate was released Tuesday in the 20th edition of a report entitled “DATOS: The State of Arizona’s Hispanic Market.” The report is composed by the Arizona Hispanic Chamber of Commerce.

“Arizona’s doubled its Latino population between 1990 and 2010,” Monica Villalobos, vice president of the AZHCC, said.

There are now more than 2.1 million Hispanics in Arizona, making up more than 30 percent of the state’s population.

The increase in population means more people spending money. DATOS predicts Hispanics will spend more than $49.2 billion by 2019. That number is estimated to grow to $52 billion by 2024.

“Latinos outspend the general population in virtually every category from automotive, all the way to clothing,” Villalobos said.

The number of Hispanic-owned businesses soared 70 percent between 2007 and 2012, according to the report. Latina-owned businesses tripled in Arizona between 2007 and 2015.

“It’s incredible data,” Gov. Doug Ducey said after reviewing the report. “When you see the growth in small business and business creation in the Hispanic community … this tells me this is a winning issue.”

Ducey said he wants to focus on growing the state’s economy and home ownership rates, two more fields that showed promise in the report.

Trade between Arizona and Mexico reached $18 billion in 2015.

“Mexico is Arizona’s number one trading partner, times four,” Ducey said, adding that he promised to continue to focus on expanding trade partnerships with that country.

According to DATOS, in 2015, the rate of Hispanic home ownership in the U.S. grew more than 2 percent.

Editor’s note: DATOS also included data about Hispanic voting numbers. Click here to read the story.

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Arizona Hispanic purchasing power expected to hit $42.5 billion in 2016