Latins: the most attractive market for your business

Latins: the most attractive market for your business

During the last decades, the panorama of consumers has changed drastically in the United States, this is because of demographic changes and the incorporation of new technologies which have forced businesses to look for new strategies in order to create products, prices, availability and market. One of the principal demographic changes is caused by the immigrants, especially Latins, which have a different behavior than traditional consumers of this country.

Nowadays, the Latin influence is very relevant, up to the point in which they should not be seen as a population change but as an economic opportunity for the development of businesses, as César Conde, president of NBCUniversal International Group and NBCTelemundo Enterprises, mentioned in 2016. For this reason, it’s very important to consider them as a prominent part of the market, especially for three main factors: quantity, economic power and education. 

Amount of Latinos in the United States

The communities with more relevance in the United States are Latins and Asians, they compound 1 of every 5 habitants, whether born outside the U.S. or second/third generation in the country. In 2013, the population born abroad compounded the 13.1% of the total population, I n other words, 41.3 million immigrants, of which 28% came from Mexico, 9.6% from the Caribbean, 7.7% from Central America and 6.7% from South America, according to the study “Bringing vitality to Main Street: How Immigrant Small businesses help local economies grow” by the Council of the Americas and the Fiscal Policy Institute.

Latins living in the United State are 28 years old in average, and the states with the highest amount of Latins residents are California, Texas and Florida, followed by New York, Illinois, Arizona, Colorado and New Mexico. At the present time, Latins embrace 18% of the total population, which equals to 57 million of habitants. The forecast for 2040 is Latins reaching the 24% of the population and 105 million in 2050, which means one quarter of the total population according to the census data.

Economic power

According to the report “Understanding the Hispanic Market” published by NewBrunswickToday, Latins have a high purchasing power and tend to be loyal to brands, especially when marketing efforts are aimed for them. According to information provided by the Council of Americas and the Fiscal Policy Institute, considering Main Street Business, referring to stores located on the main streets of small cities, 20% of foreigners owning this type of businesses are Latins, and 5% are owned by US borne Latins.

As consumers they have a purchasing power of $2 trillion dollars annually. Their enterprises generated 857 billion dollars in 2016 and they employed 4.7 million workers, according to the same study.
On the other hand, the poverty rate among Latins is reducing faster than in the rest of the population. It fell 2.2 points from 2014 to 2015, while the national average was 1.3, and they are the only ethnic group with less poverty now than in 2007, according with NERA Economic Consulting.

Education

In the same study reported by NERA Economic Consulting, Latins average education is increasing. In 1980, 56% of Latins did not have a high school degree, this indicator reduced 34% from 1980 to 2015, and the dissertation rate went down by 75%. In the same period, the proportion of Latins with College degree rose from 22 to 39%, and the college enrollment increased by 25% between 2013 and 2014 according to the National Center for Education Statistics. Despite being Spanish their native language, 94% of them speak English and 69% are competitive in this language.

In our days, the panorama of consumers is more multicultural than ever, which is why companies cannot settle by producing only one product for all the markets. Latins are turning around the US’s market not only with their economic power and number of habitants, but also with their influenc in music, politics and business.

It’s very important to adjust and make the pertinent changes to take advantage of this new growth opportunity. Can you use this information in your business? Are you willing to expand to the Latin market? Which strategies can you apply to reach this market?

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    Caring for your aging parent is overwhelming and confusing. Many people are thrown into these situations without any notice or experience. I thought my father was well-prepared until I found out he wasn't. The difficulties that appear during the parent-child role reversal is more difficult than anyone can anticipate. readyparenting.com
    QR code is a versatile tool that is immensely a good choice for real est marketing. Set to become an essential the main real est marketing in close future, it makes sense to get it now. Keep reading to know how QR code can help make your listings sell better. realestateeffort.com
    What was at one time your dream home has now become your nightmare. From no kids to three kids, you're running out of room and your last nerve has been frayed by Jr's hamster that has been out of his cage for the past week. realestategeo.com
    People are avoiding any types of investment due to slump and poor safety situation in Pakistan. Due to recession, property slump and terrorism in Pakistan, rich and professional people are quickly immigrating to advanced social welfare countries. realestatemassive.com
    Even the most luxurious and expensive homes these days are obtaining it on the act, as home builders find that eco-friendly products is as useful and as beautiful as their former counterparts. realestatescheme.com
    The best ways to cash in on foreclosed homes are to find them in their pre levels. Unlike all those late night get rich quick infomercials want you to consentrate, a in foreclosure home would be the least favorable for you. realestatetactic.com
    These odd beasts, inhabiting our Cosmic Zoo, are likely born the same way as normal stars. However, Brown Dwarfs never buy the critical mass that is necessary to ignite their nuclear-fusing furnaces. reallycoolsports.com
    You haven't fully experienced life to its fullest until you've been a parent. It's an experience that we as human beings struggle with on a daily basis despite having done it for thousands of years. Writers publish books, teachers hold parenting classes, experienced nannies appear on tv programs. realparentinghelp.com
    It is a well-known fact that keywords are the backbone of the Internet. If you don't have it, you can't do much on the internet, but With them, you can master the search engines and as a result generate traffic for businesses from home, which means sales. selectorbusiness.com
    Keeping your pool clean is an essential part of being a responsible pool owner. When people purchase a pool, have a pool installed, or purchase a home with a pool for the first time, they usually do not realize how much work and effort assumes 'keeping it up. ha servicesbasic.com
    With many types of body shops available, it's important to know which type to choose in order to get the best care for your vehicle. Determine how to choose an auto body shop when your vehicle is in need of auto body repair. shoppingaspect.com
    Everyone wants customized products when they're ordering hats to promote a party. Offering your clients sublimating services on their custom truck caps is a great way to boost profits. Here are tips for ensuring a flawless result every time. shoppingmargin.com
    The basic explanation of what are the results in a precision machine shop is quite simple. It is an assembly-line process, in which numerical requires are fed into a machine, which translates those commands into robotic actions, resulting in the creation of an object or objects from a solid block of raw metal. shoppingprecise.com
    Many individuals have become very successful in operation and have become very rich for their businesses. Many of these individuals have found fame in the business community and their success stories are no secret to the public. specializebusiness.com
    There may be many reasons why one would desire passport photos. A passport size photograph is actually a symbol photograph of a human face showing prominently apart from a part of the second torso in particular the shoulder. As the name suggests, the first place you may need one of these is a passport. techgenerate.com
    It is apparent that in order to survive and thrive in the real est industry today, real estate agents and real estate brokers must embrace every element of technology and remain on top of the need to continually upgrade their systems. technologyforreal.com
    There are many different opportunities to advance your radiology career if you have one or more areas of specialization. The more specializations you have, the more competitive you will be in the job market. techspecially.com
    This month's report takes us to the western You. S. state of Oregon and some fantastic snow-boarding. First a little background on the state of Oregon itself. Begin with a little prehistory by third , link to learn about Oregon and the Columbia level of skill. travelascend.com
    Koi fish have been called the national fish of Japan and are popular in China and all over the world. This article describes bicycles of Koi fish breeding and provide useful information regarding how different types of fish are categorised according to their colours and marks. travelescalator.com
    Traveling with a baby in a car is not easy, but going longer than two hours at a time sounds even more dreadful. Here are three really good tips and ideas on what to prepare yourself, car and your baby for such a long trip. travelinglong.com
    Travelling can be a thrilling time, educational and relaxing. Well, it is suppose to be relaxing, if it is a holiday. Sometimes holidays are not relaxing. In order to make your holiday travel relaxing it is important to plan ahead and have things organized. travelrelaxation.com
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    Monograms have always been used as a personalized symbol of fashion, taste, and style. Jean Rene Lacoste used one on his t-shirts that went on to become one of the most iconic fashion brands in the world. Tennis star Roger Federer uses one on his clothing as a statement of personal style. weddingwithclass.com
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