The United States is changing. Fast. Nearly 38% of Americans are multicultural—there are, according to Forbes, 131 multicultural groups in the U.S.
By far, the largest ethnic group in the United States is the Hispanic/Latino population. With nearly 60 million people identifying as Hispanic, Latinos account for 18.3 percent of the population according to the U.S. Census Bureau. Here in Hudson County, the number of Hispanics/Latinos is more than 290,000 residents; that represents a whopping 42.9 percent of the County's population!
While the pace of growth in the U.S. among Hispanics has slowed to 2.0 percent/year since 2010, Latinos are still the fastest-growing ethnic group in the country according to Pew Research Center. It is projected that they will represent 25 percent of the overall U.S. population by 2065.
The purchasing power of this fast-growing group is, unfortunately, often overlooked, especially by local and small businesses. According to various sources, Hispanics Latinos will control the purchasing power of $1.7T, trillion with a T, by next year if they don't already!
How well do you understand the Hispanic consumer market? It's time to learn about this powerful and diverse consumer group because your competitors are definitely taking notice and as they learn more, your company will increasingly be at a competitive disdadvantage.
Here are some facts to get you started. Also please join us on September 26 as we take an in-depth look at this consumer market at our HOLA New Jersey Conference & Business Expo!