Latino Fast Facts

 
As a small business owner, you know the importance of reaching new customers and increasing sales. But have you considered tapping into the growing Latino market?

 

Benefits of targeting Latino customers:

 

1. In 2022, 63.7 million Hispanics were living in the United States, making them the second-largest ethnic group in the country.
2. Today, 1 in 5 workers are Latino, and by 2050, 1 in 3 workers will be Latino, showing their growing presence in the workforce and the potential for businesses to tap into this market.
3. By 2060, it is projected that the Hispanic population will reach the 111.22 million mark, a significant factor in U.S. population growth.
4. The majority, about 86% of Hispanics living in the country are U.S. citizens, and most Hispanic immigrants have lived in the U.S. for at least a decade.
5. The median household income for Hispanics in the U.S. has grown to $59,000 in 2021, making them a valuable demographic for businesses.
6. Hispanic homeownership in the U.S. has grown to 51%, meaning they have disposable income to spend on goods and services.
7. The median age of U.S. Hispanics increased to 29.5 years in 2021, making them a young and dynamic consumer group.

• Approximately 49% of Hispanics are female and 51% are male, providing a balanced market for businesses to target.
• One in five Hispanics ages 25 and older has a bachelor’s degree or higher, showing their increasing education levels and potential purchasing power.
• According to the U.S. Census Bureau, Hispanics have constituted the fastest-growing and largest demographic in the country for years, making them a crucial market for businesses to tap into.
• In 2021, 72% of U.S. Hispanics ages 5 and older either spoke only English at home or spoke English very well, showing their bilingual abilities and potential to reach a wider audience.
• The share of U.S.-born Hispanics who were proficient in English grew from 88% to 91%, making it easier for businesses to communicate and connect with this market.

• The demographic breakdown of Hispanics in the U.S. shows that they are present in all age groups, providing a diverse customer base for businesses to target.
• Four out of five Latinos are U.S. citizens, meaning they have the same rights and purchasing power as any other American consumer.
• The share of U.S. Hispanics with college experience has increased since 2010, and the number of Latinos enrolled in college also increased from 2010 to 2019, showing their potential for higher education and higher-paying jobs.
• The median age of the Hispanic population in 2022 is 30.7, up from 30.4 in 2021, showing their continued growth and presence in the U.S.
• In 2021, about 62.65 million people of Hispanic origin were living in the U.S., a number that has been steadily increasing in the last decades.

• By 2060, it is projected that the Hispanic population will reach the 111.22 million mark, a significant factor in U.S. population growth.
• Most Hispanics are bilingual, speaking both Spanish and English, making it easier for businesses to communicate and connect with them.
• Among Hispanic households, the average income in 2021 was $57,981 U.S. dollars, providing a strong purchasing power for businesses to tap into.

• Between 2020 and 2040, 70% of new homeowners will be Hispanic, making them a crucial market for businesses in the real estate industry.
• In 2021, the Hispanic population accounted for 18.7% of the total U.S. population, making them a significant market for businesses to target.

• The Hispanic population is projected to reach 30% of the total U.S. population by 2060, providing a significant opportunity for businesses to tap into this growing market.
• The average household size for Hispanics in 2021 was 3.2 people, higher than the national average of 2.6 people, making them a potential market for family-oriented businesses.
• The majority of Hispanic households are family households, with 57% being married-couple households, These consumers are in their prime acquisition years. In 2021, the median household income for Hispanic households was $59,000, an increase from $56,113 in 2020, showing their increasing purchasing power.
• The top industries employing Hispanic workers in 2021 were construction, accommodation and food services, and manufacturing, providing opportunities for businesses in these industries to target this market.
• In 2021, 23% of Hispanic adults had a bachelor's degree or higher, an increase from 15% in 2000, showing their increasing education levels and potential for higher-paying jobs.
• The demographic breakdown of Hispanics in the U.S. also shows their presence in different household types, providing a diverse market for businesses to target. Approximately 43% of Hispanics work a full-time, year-round job, showing their potential for disposable income and purchasing power.

 

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