A recent Nielsen report on Hispanic households in America shows that the quickly rising Hispanic population in America and subsequent buying power of Latino groups opens up big opportunities for businesses looking to expand their markets.
There are more than 52 million U.S. Hispanics, comprising the nation’s the fastest- growing ethnic group. By 2050, the Hispanic population in the U.S. will grow by 167 percent, compared to just 42 percent for the overall population, according to the report.
The relatively young age of the growing Hispanic population makes it a good source of profit for small businesses, according to this article. While the U.S. as a whole is quickly seeing more seniors, the median age of Hispanics in the U.S. is just 28 – almost a decade younger than the U.S. median age of 37. More than half the U.S. Latino population is under 35 years old.
The average – and younger – Hispanics are looking to buy new homes, appliances and furnishings, spend money on marriages, honeymoons and vacations, and last but not least – children. Hispanics will be spending a lot of money on children and all that entails.
MediaPost reports that research firm IBISWorld has identified seven industries that will benefit most from the growing Hispanic population:
- Residential buying, food (grocery and restaurants)
- Retail (especially clothing and electronics)
- Education (higher education and technical schools)
- Financial services
- Transportation (automotive and airline)