4 Eye-Opening Figures Showing the Economic Influence of U.S. Hispanics
From buying power to entrepreneurship, U.S. Hispanics are making a notable and wide-reaching impact on the business world.
There’s no question the U.S. Hispanic population is growing at a rapid pace. In case you haven’t seen the numbers, according to the United States Census Bureau:
- 56.6 million is the Hispanic population of the United States as of July 2015
- 2% increase in this population just between 2014 and 2015
- 119 million is the projected Hispanic population of the U.S. by 2060
These numbers are powerful in showing just how much the U.S. Hispanic population is growing and how quickly. But they don’t tell the whole story. They don’t show the great impact U.S. Hispanics consumers are having on business.
Here are four figures that paint a more detailed picture:
1. 181% increase in U.S. Hispanic buying power since 2000
U.S. Hispanic buying power vaulted from $495 billion at the turn of the century to $1.4 trillion last year. This means the U.S. Hispanic market is bigger than the economies of most countries in the world.
2. 19.6 million bicultural Hispanics in the United States
Bicultural Hispanics are individuals who were born in the United States, whose parents immigrated here, and were raised to speak Spanish or be bilingual. This unique audience has a foot in both cultures, and has become increasingly important to marketers—with a recent report finding bicultural Hispanics are among the most brand loyal.
3. 27.5% growth in U.S. Hispanic-owned businesses over the past four years
Not only are Hispanics increasingly important consumers, they are increasingly important business owners as well. Hispanic-owned U.S. businesses are growing at a rate 2.5 times faster than the average U.S. business. If you are a B2B company, Hispanic business owners are an audience you should definitely be paying attention to.
4. 92% of total U.S. population growth from 2000 to 2014 came from multicultural consumers
While this stat is not only related to Hispanics (other cultural groups are represented in that figure), it is an eye-opening indication that the face of U.S. consumers is changing. It’s time for all businesses to look at their customers and potential customers in a different way to grow and succeed moving into the future.