The Hispanic community within the US is large, diverse, and steadily growing. With more than 66 million people, the Hispanic community constitutes a huge and profitable customer base for your store. Keep reading to learn more about Hispanic spending power within the US.
Raw Buying Power
Economists estimate the Hispanic community’s buying power exceeds $2.6 trillion – that’s a significant amount that shouldn’t be overlooked by anyone! Of course, each individual’s spending power will vary from person to person, but the $2.6 trillion figure represents the raw potential the Hispanic community holds when it comes to spending power.
Overall Younger
The Hispanic community’s median age in the US is 30, younger than the overall median population of 38. This means a significant portion of the Hispanic community is on the younger side. Consequently, that means there are many Hispanic college students in the US right now who you can develop relationships with as a campus retail store manager.
Continuously Growing Population
The Hispanic population in the US is set to grow by 82% between now and 2058. This section of the population will continue to grow for years and years to come, so smart business owners will begin strategizing on how to continue to engage the Hispanic community.
Significant GDP Contribution
The Hispanic community adds their fair share to our GDP, contributing $2.8 trillion (13%) to the US GDP as of 2020. Furthermore, the Hispanic GDP has grown 2.6 times that of non-Hispanic GDP since 2010. This rising economic power in the Hispanic community is a sign of continued economic success, and retail stores in any sector should make an effort to include Hispanic people in its business efforts.
Sources
https://www.emarketer.com/content/hispanic-consumers-drive-us-population-spending-growth
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