The Purchasing Power of Hispanics

Sep 30, 2016 | | 2319 |

The Purchasing Power of Hispanics

By Peter Kahn

Hispanic Heritage Month sets aside time to underline the important contributions the Hispanic community has made to the U.S. From an automotive perspective, it’s worth noting that their contribution goes beyond cultural — it’s also economic. In 2015, Hispanics alone accounted for 35 percent of new vehicle sales growth, and it was the biggest sales year to date.

The U.S. Hispanic population has a significant economic influence — 1.38 trillion dollars to be exact. But their economic influence doesn’t stop there. The current Hispanic population rests at about 17 percent of the total U.S. population, but it’s projected to reach 31 percent by 2060. As the population grows, their economic impact, and their impact on the automotive market, will continue to grow as well.

 

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Authors: 
CDK Global
PETER KAHN
Director of Retail Insights
Peter Kahn is the Director of Retail Insights at CDK and is tasked with building tools to help dealerships understand the value of Internet-based marketing. With a focus on helping dealers connect with shoppers, Mr. Kahn has built out a team that focuses on the automotive shopper experience as a way of providing actionable insights that will improve shopper satisfaction and dealership profit.

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