Online spending power of Hispanic population increasing

Marketers are increasingly acknowledging, and targeting, the Hispanic population. It is, afterall, the largest minority group in the U.S. and, according to the report, its spending power is increasing.

JupiterResearch predicts that Hispanic online spending will represent 11 percent of all online spending in 2007, amounting to around $12.8 billion, reports Information Week. By 2011, JupiterResearch expects this figure to rise to 13 percent, or $21.6 billion.

The use of social networks and social shopping sites is especially prevalent among Hispanics aged 18 – 34, says the report, as is blogging, reviewing and tagging.

Other key findings from the report include:

- Hispanics prefer cash-on-delivery or checks by phone over credit cards.
- English-language search engines and websites are used by most Hispanics.
- Hispanics are more likely than non-Hispanics to research products online before shopping offline.

Tags: Hispanic, JupiterResearch, online spending, social networking