Hispanics Hit By Economic Woes, Ad Impact
As Spanish-language networks proliferate and tout the buying power of Hispanics, new data shows weak economic indicators among the group versus the general public. At the same time, consumer confidence may be higher.
Research from the Pew Hispanic Center shows that about 59% of Latinos say a member of their household has been out of work and searching for a job in the past year, compared to 51% of the general population.
Furthermore, 75% say their personal finances are in “only fair” or “poor” shape, and 49% say they canceled or delayed a “major purchase" in the last year.
Yet, 67% of Latinos say they expect their financial situation to improve in the next year, versus 58% of the general public. Sixty-six percent say they expect their children to have a higher standard of living than they do, compared to 48% for the public at large.
Additional data shows that 24% label their personal finances as “excellent or good” versus 38% for the public at large. About 28% of Latino home owners say they owe more on their home than its saleable value, versus 14% of the general population.
The phone survey from the Pew arm, conducted late last year in both English and Spanish, found 54% of Hispanics saying they have been hurt more than other groups by the troubled economy –- some 38% say they’ve been impacted as much as others.
At least one estimate places the buying power of Hispanics at $1 trillion. That figure, coupled with results from the recent census showing population growth, are used by Univision and Telemundo in making pitches to advertisers.
News Corp. and Colombian broadcasters RCN are launching a competitor to the two, while Univision is set to debut three cable networks.