The MacroMonitor Market Trends Newsletter from Consumer Financial Decisions (CFD) highlights topical news and trends of interest to you and your colleagues.
The Hispanic Market for Financial Services
According to the US Bureau of the Census, Hispanics in 2012 constituted approximately 53 million of the 309 million people in the United States. In the past ten years, over half the total population growth in the United States was attributable to people of Hispanic origin. In fact, one of every four children in the United States today is of Hispanic descent. In the next 30 years, the Census Bureau estimates that the population will be composed of a "majority of minorities instead of a majority of whites." Driving this shift in the composition of the US population are Hispanics.
The graph below illustrates the ten-year trend in ownership of five financial products among acculturated Hispanics—Hispanics with English-language skills that enable them to participate comfortably in surveys.
Note the increase in Hispanic households' adoption of annuity products and the decrease in ownership of individual life insurance since 2004.
To understand what drives Hispanic households' decisions, financial-services companies should adopt a holistic view of the Hispanic household. A one-size-fits-all approach simply will not do. Information about their acculturation, life stage, balance sheet, and attitudes toward risk and return is relevant to segmenting this lucrative market and available to MacroMonitor subscribers.
For more insights about Hispanic households, MacroMonitor sponsors may access the Hispanic Households Segment Summary, containing data from CFD's proprietary oversample of Hispanic households. Learn more > about the Hispanic population and other custom oversample populations.
If this market segment is important to the future of your business:
From their CFD client-landing page, MacroMonitor subscribers may:
- Access the May 2015 Segment Summary, Hispanic Households.
- Schedule a full presentation about these households, including a customized and proprietary Q&A session. Contact us to schedule your presentation.
If you are not a MacroMonitor subscriber but would like more information about The Hispanic Market for Financial Services, please contact us for package information and pricing.