MacroMonitor Market Trends Newsletter October 2019
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Hispanic households are more optimistic about the next generation's future than are all US households—despite a sharp decline in such hopefulness among Hispanic-headed households between 2016 (before the presidential election) and 2018 (after the election). At the same time, the rate at which Hispanic-headed households report feeling financially secure is rising—from 56% in 2012 to 69% in 2018—narrowing the gap between Hispanic-headed households and all US households.
Growing concerns about personal safety and changes in immigration policies could be at the center of the seeming contradiction between an increase in financial security on the one hand and a decline in hopefulness on the other. A 2018 national Pew Research study finds that in the weeks immediately following the 2016 presidential election, nearly half (47%) of its Latinos sample say their situation in the United States has worsened in the past year, and more than half (54%) believe it has become more difficult in recent years to be Hispanic in the United States. (https://www.pewhispanic.org/2018/10/25/more-latinos-have-serious-concerns-about-their-place-in-america-under-trump/). Additionally, the MacroMonitor finds that more than all US households, Hispanic-headed households feel significant stress about money, work, housing costs, personal safety, climate change, and terrorism.
Hispanic-headed households are critical to the continuing growth of the US economy. The Hispanic population in the United States was 58.9 million in 2017 (18% of the total population); the US Census Bureau projects that by 2060, the Hispanic population will exceed 111 million (28% of the total population). As the number of US-born Hispanics grows and we see greater cultural shifts, it is increasingly important to focus on culturally aware messages. Financial-services providers attuned to the Hispanic culture and the evolving needs and expectations of Hispanic households will benefit.
To learn more about Hispanic-headed households and their importance to your business, contact CFD today. Note: The 2018 MacroMonitor includes data representing 21,380,000 US economic households that have a head who claims Hispanic origin. The survey is in English only.
Subscribers have access to this month's Segment Summary: Hispanic-Household Highlights. Subscribers may request the underlying set of data for this Segment Summary. For more information, please contact CFD today.