The Latino population in the United States (U.S) is more than 62 million. They are everywhere – in every generation, industry, and state. If you are not taking advantage of working and serving this economic power, you are missing out.
The $2.6 trillion Latino market represents a significant and rapidly growing economic force that businesses cannot afford to overlook. With its expanding influence across various industries, understanding this market’s unique dynamics is crucial for capitalizing on its potential. In this article, we’ll delve into five essential insights about the Latino market that will help you grasp its impact and seize opportunities for growth and engagement.
1- A Latinx baby is being born
Latinos contributed to 51% of the US population growth, with one in four children identifying as Hispanic. And it’s not only in the alpha generation; Latinos are also 25% of the Gen Z generation.
2- We’re the youth. 18 versus 58.
The first is the most common age of US Latinos. The latter is the non-Hispanic, white average age. Today, Latinos represent 74% of the US’s new workers. In terms of the immediate and medium close future, we will be your students, doctors, teachers, lawyers, police officers, and so on.
3- Follow the money.
The size of the US Latino market continues to grow every year. In 2020 Latinos represented a GDP of $2.6 Trillion, 9% more than in 2017. If Latinos were their own country, they would be an economy twice as big as Mexico and have a growth seven times that of China.
4- Entrepreneurs at the core.
In the past ten years, a total of 86% of new businesses in the country have been launched by Latinos. Even more impressive is that Latinas create small businesses six times faster than any other group in America.
5- Stigma is weird.
Despite what we’ve seen on television and social media, most Latinos speak English. Precisely 77% of them. Understanding that we are as diverse in race and customs as we are in our language is crucial to reach all the Latino market. Some prefer English, some Spanish, and some Spanglish.
There is so much more about the Latino community you need to know to offer quality services for this community. But the first step is done. You are now aware of this market; all you have to do is get to work. Remember, If you or your business need to succeed, you must improve your linguistic and culturally appropriated approaches to the Latino and all diverse populations.
