Source: Caleaders
Other than making a huge mark at the box office, Latinos are now going after the travel industry next.
Based on new research conducted by ThinkNow, not only do Hispanics travel more often than non-Hispanics, but they also spend more when they are on vacation. The survey, conducted between February and May, shows out of 79 percent of Americans, Hispanics (47 percent) are more likely than non-Hispanics (41 percent) to fly domestically.
For households that earn between $50,000 and 99,000 a year, 55 percent of Latinos in that income range versus 41 percent of non-Latinos, fly to their vacation destination.
“Regardless of income, Hispanics spend more money on average than non-Hispanics on domestic vacations, due at least in part to the fact that they are more likely to fly, and because they have larger families,” says the online survey.
When traveling within the U.S, on average, Latinos spend over $350 more than non-Latino families. In households with income over $100,000, $845 more is spent than non-Latino families in the same income bracket.
The top destinations outside the U.S were Caribbean, Mexico, South America, Canada and Central America. However, the survey found that when going on these trips, Hispanics spend less than non-Hispanics. The survey attributed it to the fact that some Hispanics could possibly be staying with relatives, instead of hotels for these trips.
Overall, the purchasing power is estimated to surpass one trillion dollars in 2015 and seems to be moving at a much faster rate than any other minority group.