For many consumer brands, Hispanic households have long driven spending growth, fueled by rising incomes and population expansion. Since 2025, they’ve accounted for 15% of consumer spending—up from 13.6% in 2020—the highest among non-White ethnic groups. But recently, that momentum has slowed, with Asian and White households now contributing more to overall spending growth.
To reconnect with this essential segment, brands must understand how Hispanic consumers are adjusting both their budgets and mindsets. Numerator’s Verified Voices data reveals rising financial caution driven by economic pressure and uncertainty that’s reshaping purchase decisions and brand priorities.
A Nuanced Slowdown in Hispanic Spending
After peaking at 3.2% growth in 2024, Hispanic spending per household dramatically slowed to only 0.8% growth in 2025. As a result, absolute spending per household fell below White households for the first time since 2021. Notably, the primary driver of Hispanic spending growth underwent a significant shift. In 2024, population growth accounted for just 23% of spending growth; by 2025, that number surged to 72%. This shift should prompt brands to pay close attention, particularly given that Hispanics accounted for 40% of net international migration to the U.S. from 2020 to 2024 per the US Census Bureau. Increased scrutiny of immigration policies, coupled with rising financial pressures, could threaten the economic stability of a demographic once considered an unstoppable growth engine.
Breaking it out by acculturation, unacculturated households showed the largest decline. From 2024 to 2025, unacculturated Hispanic spend per household declined by 4.8%– a steep drop from the 4.3% growth experienced the year prior. Both brands and retailers will need to determine how they can best reach this consumer group and understand their unique needs and characteristics.
Channel Shifting: Trading Down and Opting Out
Beyond just spending changes, Hispanic consumers are shifting away from mass retailers, electronics stores, and department stores, which experienced dollar share declines among total consumer spending of -0.3pp, -0.5pp, and -0.4pp, respectively. In contrast, food retailers such as Wakefern and Publix and club stores like Costco and Sam’s Club have become favored alternatives, gaining +0.5pp and +0.7pp in share, respectively.
One other area Hispanic consumers are notably reducing their spending is in subscription shopping services. In Numerator’s latest survey, Hispanic consumers are 80% more likely to cancel memberships such as Walmart+ or Amazon Prime compared to other groups. This sentiment shift is reflected in actual purchasing data, which shows Hispanic households as 20% more likely than the average American household to be former Walmart+ subscribers in the past year.
Emerging retail channels present additional shifts: nearly one-quarter of Hispanics (23%) reported making purchases via TikTok Shop in the past month. Numerator’s data indicates robust repeat usage, with 73% having made two or more purchases within the year. Finally, even dining habits reflect tightening budgets, with at-home grocery spending increasing by +0.3pp relative to overall food spending—a notable reversal after five years favoring fast-food dining.
Economic Anxiety and the New Consumer Mindset
Beyond financial retrenchment and channel shifts, Hispanic households, particularly semi- and unacculturated families, report higher anxiety levels and are prioritizing mental health over physical health in the next year, distinguishing them clearly from other ethnicities. Concerns about immigration policies, public safety, and economic instability overindex with Hispanic consumers and are driving this mindset.
Brands navigating increasingly fraught political waters should also tread carefully. Hispanics are more likely than any demographic (60%) to oppose brands whose political stances conflict with their own. This finding is consistent with Numerator’s earlier observations following Target’s DEI pullbacks this year.
Moreover, Hispanic perceptions of financial security have significantly worsened. A striking 71% believe the economy is already in recession, expressing substantial anxiety about managing basic expenses. Rising prices exacerbate this pressure, with four out of five Hispanics indicating difficulty affording discretionary items. This is particularly important, as Hispanic households traditionally engage heavily in discretionary spending and services such as regularly dining out (48% frequently/often compared to 39% of the total US), visiting malls (36% vs. 23%), and attending local public events (34% vs. 18%).
Price sensitivity among Hispanics is reaching new highs, limiting their ability to absorb price increases as in previous years. Spend per unit growth for consumer goods dropped sharply from 4.0% in 2024 to just 0.8% in 2025—the steepest decline among all ethnic groups. With goods potentially vulnerable to tariff-induced price hikes, Hispanic spending behaviors may offer an early indicator of broader economic trends.
Some potential cutbacks from Hispanics should prices grow include big-ticket purchases such as vehicles (46% of Hispanics feel less comfortable spending money on in the next few months), homes (46%) and luxury goods (45%). Travel (41%) and home improvement (40%) rounded out the top five.
Hispanic households remain notably polarized in their spending patterns. A third of Hispanics (33%) focus on necessities, while 20% engage in spontaneous purchases—the highest extremes of any ethnicity. Should Americans face more financial pressures, Hispanic household spending might be more volatile than other consumer groups.
How Brands and Retailers Can Connect with Hispanics
Hispanic consumers are openly voicing their financial concerns and values, rendering previous playbooks for engaging this segment outdated. To sustain growth, brands must act now. Numerator sees four key pathways for growing with Hispanic consumers:
- Tailor Strategies on Cost-Consciousness: Focus pricing and promotions on cost-sensitive Hispanic households in high-density markets. Target CBSA clusters in Texas, Florida, and California where over 40% of households identify as Hispanic.
- Focus on Self-Care: Align messaging and brand initiatives with the mental health priorities prominent within Hispanic communities. Numerator’s premium people health profile indicates that 1 in 4 Hispanics is concerned about managing anxiety, and 34% about stress. Showcasing how your products address everyday problems to enhance brand relevance.
- Leverage Emerging Channels: Engage with rising platforms like TikTok Shop and value-forward retailers like Costco to meet Hispanic consumers where they’re shopping and experimenting. Adapt your digital strategy to align with fast-evolving shopper behaviors.
- Stay Close to Your Hispanic Consumer: Develop an insights scorecard to monitor Hispanic spending trends by acculturation, informing your channel, brand, and category strategies. Conduct surveys among verified Hispanic purchasers of your brand to assess economic concerns relative to the broader US population.
Numerator is a trusted source for understanding Hispanic consumer behavior. Connect with your Numerator account partner or reach out to our team directly to engage with purchase-verified Hispanic households today.
