CHICAGO — U.S. Hispanics have not had to adopt as many economy-inspired, cost-cutting measures as non-Hispanics, according to new Mintel research.
At a time when more than half (52%) of the general population is dining out less to help cut costs, Hispanics have not had to make a change since they already dined in more frequently. Members of the demographic spend more on groceries ($115) per week than any other ethnic group.
When the majority of Americans were cutting back on their entertainment spending in 2007 and 2008, Hispanic consumers increased such spending, likely due to the fact that many members of the demographic are young and starting families, according to Mintel.
Also, since less than half of U.S. Hispanics use credit cards, they’re less likely to have credit card debt.
"Because Hispanics aren't experiencing the major lifestyle shifts of non-Hispanics, they remain optimistic for the future," said Leylha Ahuile, senior multicultural analyst at Mintel, in a statement. "Four in five Hispanics agree the US is the 'land of opportunities', while over half believe their financial situations will improve soon."
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