3 Reasons Why You Can’t Afford to Miss the Chance to Reach Hispanic Customers:
1- The Seventh Largest Economy in the World
If Latinos living in the U.S. were an independent country, the U.S. Latino GDP would be tied with France, the seventh largest economy in the world! While impressive for its size, the U.S. Latino GDP is most noteworthy for its growth, ranking third among the fastest growing GDPs after China and India, even outpacing the broader U.S. economy.
2- Buying Power
Latino buying power reached $2.7 trillion by 2021 , and with a growing community of 62 million they are the largest ethnic minority in the United States, according to a 2021 Nielsen Report. Consider that the single largest component of Latino GDP is personal consumption, which stood at $1.85 trillion in 2019, nearly identical in size to the entire economy of Texas. U.S Latino consumption is driven by large gains in personal income, which flow from rapid gains in educational attainment and strong labor force participation. With a total buying power that continues to climb very rapidly, Latinos are no longer just a sub-segment of the economy, but a prominent player in all aspects of American life.
3- An Engine of U.S. Economic Growth
Today, Latinos make up almost a fifth of the U.S. population but have contributed to more than half of the total population growth over the past 10 years. When compared to the non-Latino U.S. groups, Latino GDP grew 4.5 times faster, implying most of the U.S. growth came from the Latino population between 2017 and 2018. Driving growth in the U.S. economy is a young and educated Latino labor force. The Latino GDP is not only an engine of economic growth but also a broad foundation of support for the larger U.S. economy.
Sources:
Forbes
Nielsen Report 2021
2021 LDC U.S Latino GDP Report