Thursday, July 19, 2007
Booming Latino population helps keep Dallas-Fort Worth economy afloat
Fiesta Mart collected nearly half of the $2.3 billion Latinos spend on groceries.
DALLAS The Latino population boom in the Dallas/Fort Worth area is helping retailers stay profitable despite a tough economy, according to a study conducted by Dallas-based Rincon & Associates.
The Dallas-Fort Worth-Arlington metropolitan area was the second-fast growing in the United States, with an additional estimated 601,242 residents since 2000. Hispanics represent 60 percent of that growth, which translates into $20 billion helping the bottom-line for area retailers.
Businesses benefiting from this Latino surge include Wal-Mart and Fiesta Mart, who collected nearly half of the estimated $2.3 billion Latinos spend annually on groceries. Bank of America is the biggest bank, even though 1/4 of Latinos don't have an account. They favored Rooms-To-Go and FAMSA for home furniture; Sears-Roebuck for home appliances; and Wal-Mart for men's, women's, and children's clothing.
Notable bullet items include:
- Broadcast Spanish-language television stations continue to capture large audiences, especially the foreign-born;
- Cable and satellite penetration rates improved less than ten percent since 2005;
- Internet access has not changed since 2005 and remains at 42 percent. Native-born Latinos were twice as likely to have Internet access as the foreign-born;
- Seven of the top ten radio stations used Spanish-language formats;
- Only 45 percent of Hispanic adults read an English or Spanish-language magazine. Native-born Latinos read magazines more often than foreign-born Latinos;
- Despite an abundance of English and Spanish-language newspapers, 39 percent of Hispanic adults did not read any local newspapers - an increase from 2005 (32%).
The survey shows that Latinos have buying on the brain, with nearly 3 of 10 Latinos planning to buy a home and nearly 1/4 planning to buy a car..
For further information about the study, visit their Web site.
Posted by T.G.