Hispanics Represent The Largest Minority Buying Group In The U.S.

Hispanics Represent The Largest Minority Buying Group In The U.S.

The purchasing power of​ the Hispanic population within the United States continues to​ rise sharply. Just by sheer number alone, people who fall into the Hispanic demographic represent a​ powerful purchasing group.

Let’s look at​ some statistics. of​ the approximately 300 million people in​ the United States, the U.S. Census Bureau estimates that about 44.3 million can be classified within the Hispanic demographic. That represents about 15% of​ the total U.S. population. The City of​ Los Angeles (California) alone is​ estimated to​ have a​ Hispanic population of​ around 4.7 million.

And this population is​ on the rise. From the period July 2018 to​ July 2018, the Hispanic population within the U.S. grew 3.4%, making Hispanics the fastest-growing minority group in​ the country. The Census Bureau estimates that the Hispanic population in​ the U.S. could reach 102.6 million by 2050, which will constitute 24% of​ the total population.

So where do people who fall within the Hispanic demographic come from? The breakdown is​ as​ follows: 64% Mexican origin, 9% Puerto Rico, 3.5% Cuban, 3% El Salvador, 2.7% Dominican Republic, and 17.8% fall into the “other” category, which includes Central American and South American countries, as​ well as​ other Hispanic or​ Latino regions.

So which states have the most Hispanic residents? About 48% of​ the Hispanic population resides in​ California or​ Texas. California is​ home to​ about 13.1 million residents and Texas is​ home to​ about 8.4 million residents. Many other states also have a​ sizeable Hispanic population. For example, the following states have a​ Hispanic population exceeding half a​ million people: Arizona, Colorado, Florida, Georgia, Illinois, Massachusetts, Nevada, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, and Washington. Moreover, Hispanics are the largest minority group in​ 22 of​ the 50 states.

The combined buying power of​ the Hispanic population is​ also dramatic. in​ 2018, revenue generated by Hispanic-owned business reached $222 billion. The median income of​ Hispanic households was $35,967 in​ 2018.

These numbers are dramatic and provide impetus for businesses to​ create and implement strategies that will attract this population to​ their goods and services.

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