The Rising Influence Of US Hispanics On Economic Growth

A new study by Nielsen has shown the rising influence of Hispanics on economic growth in the US. The report looked at the buying power of the US' Latino population, finding that it was growing substantially, in part due to the steady rise in population. Whilst Hispanics currently make up 18% of the US population, it is estimated that due to the slowing birth rates of non-Hispanics, by 2060 that percentage will rise to 29%. Because of this rise, Hispanics have 1.3 trillion US dollars' worth of buying power, an increase of 167% since the year 2000. Notably, during that same period, non-Hispanics' buying power grew by just 76%. The population growth also brings more bilingual consumers to the US market, providing an advantage for marketers who can target consumers in two languages.