The US Hispanics cohort’s purchasing power is expected to rise to $1.9 trillion by 2023, according to Nielsen’s 2020 census.
The report found that there are currently over 62.3 million Hispanics living in the US, accounting for 19% of the total population. Further, the buying power of Hispanics increased 69% compared to non-Hispanics (41%), over 2010-2019.
The median age of Hispanics is now at 28 years, and the community is quickly reaching its peak earning years. The community is expected grow 53% in the coming five years, making them the primary contributors to the population growth of the country.
75% of US Hispanics speak Spanish at home and are bilingual. Companies could do well to address their cultural uniqueness in their marketing campaigns. With the Hispanic community playing a significant role in the country’s economic growth, corporate America needs to create marketing strategies aimed at Hispanics to ensure long-term growth.
[5 minute read]
