Waltham, MA–(HISPANIC PR WIRE)–May 12, 2003–Global Insight, Inc., a private company that brought together DRI and WEFA, the two most respected economic and financial information companies in the world, today announced the completion of a new study, “The Hispanic Consumer Market in 2002 and Forecasts to 2022,” which was undertaken as part of a long-standing partnership with Univision Communications Inc. The study is the latest in a series of Global Insight/Univision Communications Inc. reports on the Hispanic market, and includes new estimates and forecasts incorporating data from the 2000 U.S. Census.
The Global Insight study presents analysis of recent economic gains by the U.S. Hispanic population, as well as long-term forecasts for the growth of the Hispanic population, household income and consumer spending. The study includes estimates of Hispanic consumer spending in 50 product categories for the U.S., each of the top 10 Hispanic states and 41 Designated Marketing Areas (DMA’s).
“Univision has sponsored many Global Insight special studies of the U.S. Hispanic market over the past 10 years, including an analysis of the impact of recession on Hispanic consumer spending; a study of the Hispanic middle class; and an analysis of the use of Spanish in the home,” said Chris Holling, Managing Director of Global Insight’s Business Economics Advisory Services. “This new study provides a deeper perspective on the Hispanic market by product and region of the country.”
“Global Insight’s new study reflects the explosive growth of the U.S. Hispanic community, which continues to fuel the country’s overall population growth,” said Ceril Shagrin, Senior Vice President, Corporate Research, Univision Communications Inc. “For a number of years, advertisers have recognized the value and importance of directly targeting the Hispanic market. We are pleased that our ongoing partnership with Global Insights allows us all to better understand this vital community.”
According to the Global Insight study:
— The Hispanic population reached 38.5 million in 2002 – 13.4% of the total U.S. population.
— The Hispanic population grew at an annual average rate of 4.1% from 1990-2002 — more than three times the growth rate of the overall U.S. population.
— By 2022, the number of Hispanic Americans will reach 66 million – 19.5% of the U.S. population.
— The number of Hispanic persons age 5 and over who speak Spanish at home is expected to grow from 27.5 million in 2002 to 43.4 million in 2022.
— As the Hispanic population continues to grow nationwide, the economic significance of this growing Hispanic population is being felt in many more metropolitan areas across the country. There are now 24 DMA’s with at least $5 billion in Hispanic consumer spending.
— The number of Hispanic households increased at an average rate of 3.6% per year from 2000-2002, while Hispanic consumer spending rose 8% per year to reach $531 billion in 2002.
About Global Insight
Global Insight, Inc. (http://www.globalinsight.com/) is a privately held company formed to bring together the two most respected economic and financial information companies in the world, DRI and WEFA. Global Insight provides the most comprehensive economic coverage of countries, regions and industries available from any source. Global Insight uses a unique combination of expertise, models, data and software within a common analytical framework to support planning and decision-making. Global Insight collects and delivers financial information to clients and also provides a broad range of consulting capabilities covering market analysis, business planning, investment strategy, risk assessment, infrastructure analysis, policy evaluation and economic development. The company has over 3,000 clients in industry, finance and government around the world with revenues in excess of $65 million, 500 employees and 19 offices in 12 countries covering North and South America, Europe, Africa, the Middle East and Asia.
Chris Holling, MD, Business Economics Advisory Services, (416) 682-7303,
Vicki Van Mater, VP Corporate Communications, (702) 251-4575