HISPANICS ARE “GOOD FOR BUSINESS GROWTH”

It is incredible to think we are three quarters of the way through 2020, one of the most challenging years our country has experienced in the last decade. A year which has been especially challenging for U.S. Hispanics who have been disproportionately impacted from a health and economic standpoint.

I believe that Hispanics’ resiliency, incredible work ethic, and strong cultural connections will be key to them thriving individually and collectively as a community over the next few years. Today, Hispanics make up 19% of the U.S. population and nearly a quarter of the youngest generational cohorts, the Millennial and Gen-Z consumers.

Hispanics are by far one of the fastest-growing segments of the American population accounting for 56% of the growth over the past two decades, adding 5,170,926 people during this period. The growth trend will continue into the foreseeable future as Hispanics are projected to drive 62% of the population growth through 2025.

The economic environment this year has forced companies to adapt, many pivoting to reach consumers digitally. Hispanics, who are digital-savvy consumers, quickly adapted their way of connecting with each other and the way in which they shop. They have been strong users of social media and streaming services for several years now.

We are also seeing Hispanics leverage social media to seek shopping advice. Businesses seeking to connect with Hispanics online should go beyond simply being in-language, they should also focus on being in-culture and culturally relevant. The fact is Hispanic consumers are driving consumer spending growth in this country, and they should be associated with economic growth.

Hispanics are in their prime spending years and will be major contributors of consumer spending growth for years to come. In 2020, Claritas estimates the aggregate household income of Hispanics in the U.S. totals $1.285 Trillion. Hispanics, with their increasing buying power and influence, are impacting many industries—from financial services, telecommunications, and consumer packaged goods to automotive and tech companies.

Companies that plan to reemerge and grow in 2021 would be wise to include Hispanic consumers in their strategic business growth plans. Hispanics are critical to our country’s recovery, and they will be major drivers for our growth and expansion over the next 5-10 years. Simply put, Hispanics are “Good for Business Growth”. I hope you find value in The Hispanic American Market Report. May you have a strong finish to 2020 and ride that momentum into a successful 2021!