The economic downturn is leaving almost nobody untouched, but a survey suggests that the Hispanic community is taking a particularly harsh hit, especially among members of the lower income brackets and Spanish-dominant speakers. Older Hispanics are also taking a pounding.
The report is called The Hispanic Market Index, from Garcia Research and Santiago ROI. They find that about half of all Hispanic families are pulling in less 2009 income than in 2008, and that only one in seven households are enjoying an increase. 60% cut holiday expenditures in reaction.
Hispanics in western markets were hit harder than in other locations.
“Hispanics have been hit hard by the Great Recession,” said Carlos Garcia, President of Garcia Research. “The lowest income, Mexican-origin, mono-lingual Spanish segment are seeing the worst of it. Still, this community has strong family support systems to help them weather such situations. Perhaps due to that support structure, they are largely getting by and optimistic for the future.”
RBR-TVBR observation: The rapid rise in the Hispanic population buoyed Hispanic broadcasters for quite awhile, but this economy and the overall financial profile of the broadcasting industry hasn’t let anybody wiggle out of the net. The sooner Hispanic consumers regain their spending power, the sooner Hispanic broadcasters will be able to bounce back.