U.S. Hispanic Buying Power Continues to Grow

A new report from the Selig Center for Economic Growth reveals the increasing economic clout of U.S. Hispanics

This post from the Terry College of Business at the University of Georgia shines a spotlight on some new numbers detailing the continuing increase in U.S. Hispanic buying power. The post notes:

“The U.S. Hispanic market is larger than the GDP of Mexico and bigger than the economies of all but 14 countries in the world.”

Findings detailed in the post come from the Multicultural Economy Report published by the Selig Center for Economic Growth. This report contains a number of eye-opening stats—many of them in the realm of Hispanic spending.

Here’s a quick look at nine key stats from the Multicultural Economy Report:

  1. $13.9 trillion estimated total U.S. buying power in 2016
  1. $16.6 trillion estimated U.S. buying power by 2021
  1. 1 in 6 Americans claims Hispanic origin
  1. $495 billion estimated U.S. Hispanic buying power in 2000
  1. $1.4 trillion estimated U.S. Hispanic buying power in 2016
  1. 181% increase in U.S. Hispanic buying power over the past 16 years
  1. Almost 10% of all U.S. buying power came from Hispanics in 2016
  1. $797 billion in U.S. buying power came from Mexican-Americans
  1. $146 billion in U.S. buying power came from Puerto Ricans

Increased Economic Prosperity Expected for U.S. Hispanics Moving into the Future

The numbers above speak directly to why so many businesses are honing in on the U.S. Hispanic market and making it a top priority. So does the fact that 35% of the U.S. Hispanic population is still under the age of 18—raising its buying power potential even higher.

As Jeff Humphreys, director of Selig Center for Economic Growth and author of the Multicultural Economy Report, states:

“The most important trend in favor of Hispanic buying power growth is favorable demographics. The Hispanic population is growing much more rapidly than the total population, thanks to natural increases and strong immigration. The population is also increasingly better educated and has increased its entrepreneurial activity.”