Hispanics Are the Largest Growing Consumer Group

The largest growing consumer group in the United States is Latinos. Hispanics are the largest minority in the United States and they are the largest untapped market in our country. According to Forbes.com, the Latino consumer is underrepresented within our media and is “underserved by all industries.” This is in spite of the fact that their rapid growth will give Hispanics the consuming power of $1.5 trillion dollars in about two years. Within in a decade (2000-2010) Latinos as a population has increased by 43%. The entire U.S. population grew by 27.3 million within in that same time frame, of that 15.2 million were Hispanic.

Even more positive is the rate at which Latino small business is growing. Since 2006, revenue grew over 50% amongst Hispanic business owners and totaled almost $350 billion. It is estimated at the end of this year that number will jump even higher to $465 billion. Research has shown that Hispanics respond well to a “value-added message” and they appreciate a business and service that associates itself with the Latino community.

There have also been studies that show Hispanic customers like to make “impulse” buys and as a group they are very tech savvy. According to typepad.com, Latinos use the most online and mobile services of any group in the U.S. which gives small businesses the unique opportunity to reach out to this community through digital devices.

References:

Llopis, Glenn. “Big Data Shows the Growing Influence of Hispanics Will Change Business Models.” Leadership, Forbes Magazine. 12/5/2012.