The demographic shift from a Caucasian majority to a minority dominant population will affect business growth.
According to the online publication Business to Community, citing United States Census Bureau research, “By 2043, the US population will be composed of a majority of minorities instead of a majority of whites. This growth can be attributed to immigration and a growing birth rate for minorities … The largest population increase will come from the Hispanic group, which numbered about 53 million last year. This population is expected to more than double by 2060, to nearly 130 million people. To put this figure in perspective, 1 out of 3 people in the United States will be of Hispanic descent.”
The article says, “This growth has been and will be seen mainly in states with large existing Hispanic markets: California, Texas, Florida, New York, and Illinois. However, the Hispanic population is growing quickly in many states as well, such as Washington, New Jersey, and Colorado.”
Business to Community observes that companies should take advantage of the opportunities available with a booming Hispanic population, there is a strong potential for purchasing power. Latino consumers are tech-savvy, and are quick to adapt to new technology, and use mobile devices to make purchases.
Major businesses can accommodate this population shift by using “Hispanic ideals” and not just advertising in Spanish. “Simply reaching out to the Hispanic community is the 2nd step.” Taking the time to learn about Latino culture will have a greater return of investment, so products can adequately appeal to the new masses.
