Numerator’s State of Hispanic Spending report noted growing financial caution among Hispanic households driven by ongoing economic pressures and uncertainty.
Hispanic household spending generally accounts for 15% of consumer spending in the United States. While Hispanic spending was highest among non-White ethnic groups studied, spending growth by Hispanic households has slowed after peaking at 3.2% growth in 2024. Hispanic spending per household slowed to 0.8% growth in 2025, and absolute spending per household fell below that of White households for the first time since 2021, Numerator reported.
All Hispanic segments looked as if they would hit a spending plateau as 2025 arrived, but a significant pullback occurred among unacculturated households, with spend declining 4.8% in 2025 compared with 4.3% growth the previous year, Numerator said. Population gains now drive Hispanic spending over changes in financial behavior. In 2024, population gains accounted for 23% of spending growth. In 2025, that figure jumped to 72%. With population gains accounting for more Hispanic spending growth, changes in immigration policy could have an outsized impact on future expenditures arising from the demographic, according to observers.
As part of the changing trends, Hispanic shoppers are shifting dollars toward food and club channels, with supermarkets and other grocery retailers up 0.5 percentage point year over year and club stores up 0.7 point. Meanwhile, electronics stores, are down 0.5 point year over year, department stores are down 0.4 point, and mass retailers are down 0.3 point, all losing share of Hispanic household spend in 2025, according to Numerator.
Eight in 10 Hispanic consumers say rising prices are making non-essential goods and services unaffordable, and many Hispanic consumers said they feel less comfortable spending on vehicles, for 46%, homes, for 46%, luxury goods, for 45%, travel, for 41%, and home improvement, for 40%, Numerator maintained. In regards to the current economy, 71% of Hispanic consumers believe the U.S. is already in a recession, and 59% expect their household’s financial situation to worsen over the next year.
Hispanic shoppers are more likely to scrutinize brand values and take action, Numerator indicated. They are more likely than any demographic to reject brands whose political stances conflict with their own. Six in 10 Hispanic consumers say they would stop purchasing from a company that takes a political or social stance with which they disagree versus 47% of U.S. consumers on average, according to the Numerator study. Overall, 57% of Hispanic consumers said it is important that the brands they buy reflect their personal values versus 44% for consumers on average, Numerator asserted, while, 51% have participated in at least one consumer boycott versus 36% on average, and 44% regularly research brand and retailer corporate policies, values or initiatives versus 31% on average.
New channels are gaining traction with Hispanics, as 23% told Numerator they made purchases via TikTok Shop in the past month. Verified purchase data indicates 73% of Hispanic consumers have made two or more purchases within the year. Hispanic consumers spent an average of $34.34 per trip and are making about seven purchases per year on the platform.
The leading issues prompting concern among Hispanic consumers are rising prices, for 40%, immigration policy and issues, for 30%, financial security/personal debt, for 24%, public safety and crime, for 23%, and health for 22%. Although rising prices topped concerns for all consumers, Hispanic shoppers ranked immigration and public safety notably higher than the general U.S. population.
The Numerator research found Hispanic consumers are 80% more likely than the general population to say they have canceled subscription services such as Walmart+ or Amazon Prime, with 19% of Hispanic consumers saying they cancelled a shopping subscription in the past year versus 11% on average.
