U.S. Traveling Minority Markets to Grow in Number, Spending

Today’s minority market, accounting for $90 billion a year on travel receipts, is getting close to becoming the majority travel market. Despite this fact, very little is being spent towards advertising to this market segment in the U.S., and overseas including the Caribbean and African markets, because of the perception that “they don’t spend.”

In recent times, multi-cultural, special, heritage, niche, minority markets, the Latin and African-American markets, including the gay and lesbian markets have proven this trend otherwise.

Within the U.S., the Hispanic population reaching 45 million today, comprising 15 percent of the total U.S. population, is the fastest growing minority market. This minority group –composed of Mexicans (58.5 percent), Puerto Ricans (9.6 percent), Cuban-Americans (4.8 percent), South Americans (3.8 percent), Dominican Republic (2.2 percent), Spanish (0.3 percent), and others (17.3 percent)- spends almost $798 billion annually. It is anticipated that their spending power will top $1.1 Trillion by 2011.

In tandem, the African-American market is seen to grow at the same pace, more or less. Today’s 40.7 million African-American population accounts for 13.4 percent of the total U.S. population. It is the second fastest growing minority group, with a spending power of $798 billion annually, projected to grow to $1.1 Trillion by 2011.

The minority markets put heads in beds for hotels, fill seats in planes, buy cabins on cruises, and generate revenues for many rental companies and tour packages. Gain an understanding of the value and growth of the minority market, and recognize your achievements in cash, according to the TPOC chairman.