Let’s reverse that question… Why not Hispanics?
The Hispanic population had a 43 percent growth in 10 years and has reached the historical figure of 50.5 million. Hispanics now represent 16.3 percent of the U.S. population, one of every six people in the United States is Hispanic. This population growth fueled by Hispanics has impacts across the whole the economy in labor and consumer markets as well as in entrepreneurial and investment markets.
Hispanic purchasing power has increased from $600 million in the year 2000 to more than1 trillion in 2010. The upward projections for Hispanic spending power will continue and is expected to reach 1.3 trillion by 2015.
Minnesota experienced a 74.5 percent Hispanic population growth in the last 10 years. The census counted 250, 258 Hispanics in the state in 2010, meaning that the fastest-growing group now accounts for 4.7 percent of the state’s 5.3 million people.
- The Hispanic population is expected to account for 44% of the nation’s population growth from 2000 to 2020 and 62% from 2020 to 2050. By 2050, the nation’s Hispanic population is expected to reach 96.5 million.
- The nation’s 44 million-strong Hispanic population is young, with a median age of 29.5.
- The #1 priority of the Hispanic family is the education of their children.
- The number of Hispanic-owned businesses in the U.S. increased 78% from 1987 to 2000. That compared to a rate of 26% for all U.S. businesses. Hispanic women own 39% of all women-owned firms in the US.
- Average disposable income per household for the Hispanic population last year was $56,431.
- Total consumer spending by Hispanics was $531 billion last year. This represented 81% of the national average.
- From 2002 to 2020, the report projects personal consumption spending by Hispanics to increase at an average annual rate of 9.1%, far exceeding the national growth rate of 6%.” The US Hispanic annual disposable income is larger than the annual GNP of Mexico, Brazil and Spain.
- The United States has the second highest Hispanic population in the world.
Do you need any more reasons to start increasing your products or services in the Hispanic market?