Hispanics in the U.S. have long been known as “the sleeping giant” for their potential as a substantial and still-growing voting bloc. Now, some in the financial services industry are getting serious about targeting Hispanics — and Hispanic millennials in particular — as a prime source for market growth.
Hispanics — or Latinos, a term some prefer — are an attractive market because the population is young and growing at an extraordinarily fast rate. Along with that, spending by Hispanics is growing at a faster clip than for non-Hispanic consumers.
“All of these combine to make a pretty potent formula for growth among Latino consumers,” says Robert Brown, an analyst with Packaged Facts, which released a report in June titled “Hispanics: Demographics and Consumer Spending Trends.”
The report calls Hispanic millennials a key to growth for the financial services industry. READ MORE AT DENTON RECORD-CHRONICLE
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