If the U.S. Hispanic Market Were Its Own Country, It Would be the 13th Largest Global Economy

That eye-popping stat comes from the article “For the Hispanic market, the future is now” from Food Business News. While the content of that article is directed to the food industry, it’s insights are applicable across the board.

The premise of this article is that while experts and analysts keep talking about how important the Hispanic audience will be in the future, they may be missing out on just how important this audience is right now.

The article states: “While for many years, and still today, demographic experts have advised about how much more important Hispanic consumers will be in the years ahead, Mr. Laroche [Emmanuel Laroche, vice-president of marketing and consumer insights, North America, for Symrise, Inc.] offered eye-popping facts and figures about how far the Latino community already has come as a force in the United States.”

Some of those facts and figures include:

  • Between 2000 and 2010, the U.S. Hispanic population grew by 43%—that’s four times the rate of the general population
  • Chicago is the fifth largest Hispanic community in the United States and currently is 30% Latino
  • New Jersey has the seventh largest U.S. population of Hispanics
  • 24% of all Millennials are Hispanic
  • The median age of U.S.-born Hispanics is 18, while the median age of foreign-born Hispanics is 40
  • Roughly two thirds of U.S. Hispanics were born in the United States
  • The proportion of Hispanic households with income exceeding $50,000 a year is growing faster than the general population
  • 70% of Latinos may be characterized as acculturated or bicultural
  • Bicultural growth represents more than 20% of total U.S. population growth and accounts for 45% of Latino population growth

The bottom line for companies: Don’t look so far ahead to the future you miss out on the right now. By reaching the growing U.S. Hispanic population today, you can get ahead of the competition and build strong brand connections and loyalty that will pay big dividends for years to come.