Businesses are taking notice of Hispanic buying power
The buying power of the Hispanic population in the U.S. is surging.
According to a recent study from the University of Georgia, Hispanic buying power nearly doubled from 2010 to 2020, climbing 87% to $1.9 trillion.
Maria Elena Guevara sees firsthand the power Hispanics have.
She owns the Paleta Bar in Mesa, Arizona.
“Like all immigrants, I came to the U.S. with a dream,” explains Guevara. “And this was my dream.”
Guevara said her business has been successful because of the Hispanic community.
“Hispanic people already know about paletas and love them,” she says of the frozen treats.
Experts say it’s a wise decision to consider the buying power of Hispanics when running a business.
“The pocketbook is huge,” explains Franki Jo Rios, president and CEO of the East Valley Hispanic Chamber of Commerce in Arizona. “Also, recognize that we are going to be the majority, not the minority anymore, so helping our Hispanic community is also going to help them.
Hispanic buying power in the country is expected to soar to $2.5 trillion by 2025, growing at double the rate of non-Hispanics.
“The buying power of Hispanics represents not only the economic potential but also a force for cultural influence and change,” explains Rios.
Part of that change includes more Latina business owners like Guevara.”We don’t exclude anyone here,” she said. “We want everyone involved. Even if you don’t know what paletas are, we’ll show you what we have.”
This story was originally reported by Nick Ciletti at Scripps News Phoenix.
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