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66% of Hispanics worry about their ability to pay From eMarketer

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The purchasing power of the Hispanic population is huge, and it will grow. But marketers can’t ignore the fact that many Hispanic consumers were hit hard financially during the pandemic. Even after rebounding to pre pandemic levels, Hispanic Americans’ income and wealth are still below average.

Mark dolliver, chief analyst at emarketer, said: “the pandemic has led to financial difficulties and people have difficulty meeting their daily expenses, including bills such as rent and mortgage. For people suffering from the virus, the threat of medical costs looms

A round of opinion polls conducted by Ipsos and Axios from March to July 2020 found that 66% of Hispanic respondents were worried about their ability to pay. In August 2020, a Unidos US / Somos / Latin decisions poll found that 64% of Hispanic Americans were worried about their “ability to pay basic fees.”. Facts have proved that this concern is entirely reasonable. In the census, 9.4 million Hispanic families reported difficulty in meeting their daily household expenses for the past seven days, while another 9.5 million considered it “somewhat difficult.”.

Some surveys also analyzed the ability to handle specific costs. A survey conducted by T.H. of Harvard University from July to August 2020 shows that 32% of Hispanics have “serious problems” in paying mortgage or rent. This is in line with the Economist / YouGov poll in August 2020, when 30% of Hispanic Americans had difficulty paying rent, mortgages, utilities and other housing costs. It has been hard for young Hispanic adults to keep up with rising rents. In a June 2020 poll, genforward found that 31% of young Spaniards aged 18 to 36 said the epidemic posed a “challenge” to paying their bills.

Food costs are also a problem. A survey conducted by the Urban Institute in May 2020 classified 27.1% of Hispanic households as “food insecurity.”. The Institute for policy research at Northwestern University analyzed data from May to June 2020. 47% of Hispanic parents said, “we don’t buy enough food. We don’t have the money to buy more food.”

Despite stereotyping Hispanic Americans as urban residents, many still live in the suburbs and travel by car. That means paying for a car loan is another pain point. In the Harvard / NPR poll, 27% of Hispanic respondents face serious problems in this area.

There are also medical expenses. In April 2020, a poll conducted by H code found that 24% of Hispanic respondents “do not have enough health care to deal with the potential problems caused by covid-19.” The problem is particularly threatening for families who have lost health insurance.

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