Puerto Ricans Spend 15 Cents of Every Hispanic $1 in Florida


hispanic-consumer-spending

Another way to look at the influence of Puerto Ricans (other than political) is to examine their purchasing power. Just how much money courses through the community’s vein which, in turn, boosts the overall economy?

Information about Hispanic purchasing power is easy to find –  the Census Bureau reported it at $1.2 trillion a year nationwide for 2013. That is, Latinos spend more than $1 trillion in the United States every year.

Hispanic Florida’s share of that was $122 billion or about 10 percent of all Hispanic purchases in the nation.

Data about specific Latino groups in a given state are more difficult to come by. But I recently found a figure reported by the Center for Puerto Rican Studies in New York indicating that Puerto Ricans in the 50 states spend $78.6 billion annually, based on 2014 figures.

Of that amount, Floriricans make up nearly $18 billion a year ($17.7 billion to be exact). Put another way,  Puerto Ricans in Florida make nearly 25 percent of all Puerto Rican purchases in the country every single year.

Comparing Puerto Rican purchasing power in Florida to all Hispanic spending in Florida, it appears that boricuas may account for nearly 15 percent of all Hispanic spending in the Sunshine State each year.

Now we know.

˜ Maria Padilla, Editor

 

Puerto Rican Spending

(in billions)

United States                    $78.6

Florida                              $17.7

Puerto Rico                    $37.3

         TOTAL               $133.6

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