Hispanic Consumers Hit the Brakes as US Firms Warn of Pullback

One of the fastest-growing groups of US consumers is hitting the brakes.

What started a few months ago with makers of beer brands like Modelo warning of a pullback among Hispanic customers as anxiety about immigration raids and tariffs set in has now extended to other parts of the economy.

Consumption by Hispanic families barely rose in the year through June, according to research firm Numerator. Spending by White and Black households, meanwhile, continued to grow, albeit at a slower pace than seen in 2024.

Hispanics — who account for almost 20% of the US population — have been ...