The entrepreneur in us sees opportunities everywhere we look, but many people see only problems everywhere they look. The entrepreneur in us is more concerned with discriminating between opportunities than he or she is with failing to see the opportunities. - Michael Gerber
In my position as a business educator and entrepreneur, I engage in as much meaningful, yet economically focused, endeavors as possible. Bringing vision to reality is my bona fide expertise. And, of course, daydreaming, successful business modeling, clarity of goals and writing are other highlights of my career. For nine years I’ve enthusiastically followed the economic trends.
Here is the scoop mi Amigos: Latino culture will play a role in your life. You can, of course, choose how much to explore or share in that. But you won’t be able to avoid it. Statistics indicate that the Latino population, Latino businesses and Latino economic influence are thriving.
Here are the facts. ¡Que Sorpresa!
LATINO POPULATION and LATINO BUSINESSES & ECONOMIC STRENGTH
- Latinos remain the largest minority in the United States, with an estimated population of over 50 million in 2023. The population continues to grow steadily.
- Approximately one-eighth of the U.S. population is of Latino origin.
- The number of prosperous Latino households (with incomes of at least $100,000) has continued to increase since 2000.
- U.S. Latino purchasing power has continued to rise and is estimated to be well over $1 trillion in 2023.
- Current Latino purchasing power is estimated to be around 12% of the total U.S. purchasing power.
- The net worth of U.S. Latinos has grown significantly since 2005.
- As of 2023, there are approximately 3 million Latino-owned businesses in the country, generating over $500 billion in annual gross receipts.
- The number of Latino-owned companies has continued to grow significantly, maintaining their status as one of the fastest-growing business segments in the nation.
- Latino entrepreneurship remains strong, with a high percentage of Latino teenagers expressing an interest in starting their own businesses.
- Bilingualism among U.S. Latinos continues to be common, with over 75% speaking excellent English.
With this kind of growth and economic involvement, there are two things you can count on. First, mainstream businesses – the ones you use every day – will be courting or making room for Latino culture. And, second, Latino businesses will be expanding their marketing sights to include you. In some form or another, you will have a Latino influence in your life. There is plenty to enjoy about that, especially if you keep up on what to look for.
Sixcia Devine is keynote speaker, humanitarian and Hispanic Marketing Expert. Connect with her at SixciaDevine.com