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A HUGE BUYING BLOCK — NEAR YOU
Hispanics in the U.S. will double from 58 million to 106 million by 2050 and they’re moving to communities throughout the country. In 2017, the counties with the largest increase in Hispanics were in North Dakota.
A HUGE BUYING BLOCK — NEAR YOU
+ $44 billion new vehicle spend
+ 8% growth
+ 49% more likely to buy luxury as first new car
Hispanics in the U.S. will double from 58 million to 106 million by 2050 and they’re moving to communities throughout the country. In 2017, the counties with the largest increase in Hispanics were in North Dakota.
OUTPACING THE GENERAL MARKET
Researchers say Hispanic buyers will purchase 8% more vehicles over the next five years, while the general market will decline by -2%. According to IHS Automotive’s Polk market data unit, “Hispanic buyers delivered 96% of Ford and Chevrolet’s combined year-over-year retail sales growth, 33% of Nissan’s, 35% of Toyota’s and 100% of Honda’s.”
71% of Hispanic buyers buy new vehicles vs 64% of the general market.
Hispanic buyers are 49% more likely to purchase a luxury vehicle as their first new car than the general market.
Hispanics buy a new car every 3.4 years. Their median age is 13 years younger than the U.S. as a whole, so they may buy 3 more vehicles in their lives than their general market peers: More repeat business for you.
