How Latinos are contributing to the US economy
A new report says that the Latino population in the United States is worth over 2 trillion dollars. This is a lot of economic power concentrated in over 36 million Latinos. If you were to treat this Latino population as an autonomous country, it would rank as the 7th largest in the world according to GDP. This figure is miles ahead of India, Italy, Canada and Brazil. Consequently, it is vital now for every business to integrate Hispanic advertising into their overall marketing campaigns.
Here’s how the Hispanics are able to drive the US economy:
Many Latinos believe in the power of having their own business, and they all start out as small and medium sized business owners. The cumulative power of these businesses has contributed to the US economy in more ways than one. The startup rate of Latino businesses is more than twice that of the national average, this means that when Latinos find a dearth of any particular activity, they will create opportunities for it to thrive.
Contributed to gender equality
When it comes to gender gap in the workforce, Latinos are at the forefront in the United States. In fact, since 1997 the number of Latina businesses in America have grown by 206 percent, this number is 4 times greater than the average for American businesses overall. These women have prominent leadership roles that help fuel the economy.
Rise in Latino home ownership
Younger Latinos are better educated than their parents, and as a result have higher paying jobs and access to more disposable income. This has allowed them to increase their home ownership substantially in the years from 2000 to 2018. The U.S Censor Bureau says that Latino home ownership rates especially soared over the course of one year from December 2014 through December 2015, the largest one year increase in more than a decade.
A healthy economy can be measured by the number of choices offered to its consumers. For instance, you have restaurants, art, architecture and engineering, all of which contribute to businesses and tourism. In this regard, the Latinos are leading the way and creating opportunities for themselves and others.
If the Latinos grow at the same rate as they are doing today, they will contribute nearly a quarter to the U.S economy by the year 2020 rolls around.
The economic leverage that Latinos possess is something that many businesses are becoming aware of. In order for these businesses to continue remaining relevant with their target audience, it is important to design marketing campaigns to reach the Hispanic community and convert more leads to sales. To help you design an effective strategy, it is highly recommended to consult a Hispanic marketing agency. Our ethnic marketing agency has been listed as the top 20 best ad agencies in NYC by Expertise in 2017.
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