Did you know that if the Latino Community were a country, we would account for the 7th largest economy in the world? It is true. Latino economic output is larger than whole countries such as Italy, Brazil, and South Korea. These and other impactful facts depict Latino power in the United States.
Yes, we are unstoppable.
The Latino Community emerges in statistics as one of the most potent elements of the USA’s continuous success. However, for the most part, P.R. and marketing agencies are dropping the ball at communicating with us.
We are one of the most powerful economic engines in the world, and partnering with us will bring great value to your brand and businesses.
“At over $1.7 trillion, U.S. Latino purchasing power is growing 70% faster than non – Latinos.” Association of Hispanic Real Estate Professionals
Understanding the Latino economy’s power will help businesses to appreciate the importance of crafting a strategy that brings meaningful profitability.
Let’s analyze some facts to know:
1.-Latinos are entrepreneurial
U.S. Latinos accounted for nearly 80% of all net new businesses created during the last decade. There are more than 5 million Latino-owned businesses in the USA. Latinas are breaking traditional roles by owning over 2 million of those businesses, increasing their share of business creation by 87% since 2007.
We are not only creating businesses, but we are sharing an entrepreneurial culture among our family members, friends, and vecinos. Yes, we are amplifying the effects of our work to impact our community.
Marketing companies need to stop talking to abuelitas watching telenovelas and include in their strategy depictions of dynamic and successful Latino entrepreneurs that transform the economy for the better.
2.-The Latino Community is young
According to The Pew Research Center, “the Latino population is defined by its youth: Hispanics are the youngest major racial or ethnic group in the United States. Altogether, nearly six-in-ten Hispanics are Millennials or younger”.
While the white population is the oldest, with a median age of 28, nearly half (47%) of U.S.-born Latinos are younger than 18, according to Pew Research. And for the foreseeable future, 1 million U.S. Latinos will turn 18 this year and every year for the next 20 years.
3.-Latinos’ economic power is transformational
Latinos are influencing many industries. Latinos accounted for 56% of homeownership growth, and U.S. Latinas are more likely than other women to have bought a first home in the past year. From 2010 to 2030, U.S. Latinos are projected to account for 52% of all new homeowners.
Homeownership is considered the cornerstone of wealth creation for individuals and families. This emphasis on financial stability provides solid ground for the continuous transformative influence of Latinos in the USA. This impact extends to many other industries aside from the real estate business.
4.-Latinos are connected
We are connected with family, friends, and the community. But also, we are connected to the world and among ourselves by using and innovating on social media. At 65.6%, Latinos in the USA have the highest rates of wireless-only adoption per household.
Latino personalities and influencers are among the most followed in the world through TikTok or Instagram, such as Bad Bunny and Selena Gomez.
Moreover, U.S. Latinos are 62% more likely than non-Latinos to rely on social networking sites for healthcare information and news.
5.-Latinos are 100% American
Although many view Latinos as outsiders, the reality is that many Latinos have generations-old presence in the USA. Two-thirds of U.S. Latinos are native-born while carrying a distinctive cultural heritage.
Culture is a significant part of the Hispanic market. Eighty-four percent of Latinos say their culture is a mixture of American and Hispanic cultures. Brands must understand the blend of these two worlds. Understanding their nuances is critical for any brand looking to reach them successfully.
In conclusion, Latinos are Americans with a transformational power that makes our USA a stronger and more prosperous nation.
Building your marketing plans around this powerful force is a winning strategy now and for the future.
Novle helps your business to create community activations for your brands that bring meaningful profitability to your bottom line. Subscribe to our mailing list for updated community activations, or contact us directly HERE.