THE HISPANIC BLOG IS THE LATEST HISPANIC NEWS BY JESSICA MARIE GUTIERREZ
More Hispanics in College Will Add to Consumer Spending Growth
Higher Education Leads to Higher Income
A study by the Pew Hispanic Center shows that there was a 24% increase in Hispanic college enrollment between 2009 and 2010. This exceeds the population increase among the Hispanic 18-24 demographic (7%) over the same period, which indicates a trend in strides in educational awareness among the Hispanic community.
Record High School Completion & College Enrollment
Hispanic high school completion reached a record 73% in 2010, up 3% from the year prior. Additionally, strides to move these kids from high school to college have paid off: 44% of those Hispanic students completing high school are going on to college, up from 39% in 2009.
What This Means for Marketers
With college graduates on average earning 1.5 times more than those with only a high school degree, these trends put the Hispanic youth catching up with their non Hispanic counterparts not only in terms of educational attainment but also in terms of income level. US Hispanic consumer spending is on track to reach $1.4 trillion by 2014, and with continuing increases in income levels among these young Latinos, real levels could outpace these projections. Marketers should be looking to include Hispanic marketing strategies into their annual plans in order to capture this growing population’s loyalty and purchases.
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