Wednesday, September 23, 2009

How the Economy Has Affected Hispanics

According to Ethnic Technologies, LLC, at least one broad ethnic group in the United States, Hispanics, has not felt the effects of the current economic downturn as much others. In a recent article, the following is stated:
"The U.S. Hispanic market is booming. Hispanic households across the United States will sharply increase their economic clout over the next ten years. The demographic explosion has continued since 1990 and there is no let up. Go to Wal-Mart, Sears, K-Mart, to name a few stores, and you will see many Hispanic families loaded with consumer goods. The fact is, Hispanics love to buy and almost always buy in cash.

This is not a debt-ridden community. For years they learned the hard way that to have something, one has to earn it and save. Credit card companies solicit many Hispanic households.

Hispanics send money to the families they left behind in their country of origin. And it is true that these remittances are billions of dollars. But according to the National Immigration Forum, in addition to consumer spending, "immigrants and their businesses contribute $162 billion dollars in tax revenue to federal, state and local governments. They work in key sectors, start their own businesses and in general contribute to a thriving economy."
I guess there's something to be said for saving and only buying what you can afford. You can read the complete article here.

Thanks to my friend, Keith, for the link.

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