People of color are paying more than twice the amount in banking fees than white Americans, a Bankrate survey found.
When asked about fees such as ATM, overdraft and routine service charges, Latinos are paying $14 a month on average for checking accounts at banks or credit unions, while Black adults report shelling out about $12 a month. White checking account holders said they are paying an average $5 per month. READ MORE AT NBC NEWS
The Hispanic population’s collective purchasing power is large and will get larger. But marketers can’t ignore the fact that many Hispanic consumers’ finances have taken a severe hit during the pandemic. A rebound to pre-pandemic conditions would still leave Hispanics with below-average income and wealth.
Despite the stereotype of Hispanics as urbanites, many live in suburbs and rely on cars to get around. This means car loan payments have been another pain point. In the Harvard/NPR/Robert Wood Johnson polling, 27% reported serious problems making those. READ MORE AT EMARKETER
Arizona Hispanics’ buying power is expected to hit an all-time high at $57.3 billion by 2022. In the Phoenix region alone, about 310,000 Latinos plan to buy a vehicle over the next year. About 95,000 plan to purchase a home or condo.
These are just a few of the facts contained in the 2020 DATOS report, “The State of Arizona’s Hispanic Market,” which paints a telling portrait of Latinos’ growing economic power and influence in Arizona. READ MORE AT AZ BIG MEDIA