Numerator: Hispanic consumers scale back spending
America’s fastest-growing demographic has slowed its spending amid economic and political changes.
According to Numerator’s new The State of Hispanic Spending Report, Hispanic household spending was highest among non-White ethnic groups, but after peaking at 3.2% growth in 2024, Hispanic spending per household dramatically slowed to 0.8% growth in 2025. As a result, absolute spending per household among Hispanics fell below that of White households for the first time since 2021.
In 2024, Hispanic population growth accounted for just 23% of spending growth. In 2025, it surged to 72%. Numerator notes that population gains are now the core driver of Hispanic spending, and that changes in immigration policy could have an outsized impact on future spending.
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The leading issues identified by Hispanic consumers in the Numerator survey were rising prices (40% of respondents), immigration policy and issues (30%), financial security/personal debt (24%), public safety and crime (23%) and health (22%). While rising prices topped concerns for all consumers, Hispanic consumers ranked immigration and public safety notably higher than the general U.S. population.
Eighty percent of Hispanic consumers surveyed said that rising prices are making non-essential goods and services unaffordable. Additionally, 71% believe the U.S. is already in a recession, and 59% expect their household's financial situation to worsen over the next year.
Nearly half of Hispanic consumers say they feel less comfortable spending on big ticket items such as vehicles (46%), homes (46%), and luxury goods (45%) in the coming months, with travel (41%) and home improvement (40%) also at risk.
Hispanic shoppers are shifting spend toward food and club channels. Electronics stores (-0.5 percentage points vs. one year ago), department stores (-0.4pp), and mass retailers (-0.3pp) lost share of Hispanic household spend in 2025. In contrast, Numerator found that grocers (+0.5pp) like Wakefern and Publix, and club stores (+0.7pp) like Costco and Sam’s Club have become favored alternatives among Hispanics.
New channels are gaining traction as well. Nearly one-quarter (23%) of Hispanic consumers reported making purchases via TikTok Shop in the past month. Verified purchase data indicates that almost three-quarters (73%) have made two or more purchases within the year. Hispanic consumers spent an average of $34.34 per trip and made approximately seven purchases per year on the platform.
Hispanic consumers are more likely than any demographic to oppose brands whose political stances conflict with their own. Numerator found that 60% said they would stop purchasing from a company that takes a political or social stance they disagree with, compared to less than half (47%) of U.S. consumers overall. More than half (57% vs. 44% total U.S.) of Hispanic consumers say it is important that the brands they buy reflect their personal values.
Numerator’s Hispanic Consumer Spending survey was fielded in June 2025 to 1,663 consumers weighted and balanced to total U.S. demographics.
