The Latino Market: A Goldmine for Business Success
Monica Adwani, CPIA
Revolutionizing Insurance Operations While Developing and Empowering the Industry’s Next-Gen Bilingual Workforce 24’ Female Principal of the Year | Top 10 Boston Leaders | Top 50 Women Leaders | Top 100 Amplifier
Entrepreneurship in the Latino market can be the key to achieving business success. Why? Let me explain:
?? Demographic Growth:
In the United States, it's estimated that the Latino population will reach 78 million by 2060, representing approximately 26,9% of the total population (US Census Bureau). This substantial growth presents a significant opportunity for businesses to tap into a rapidly expanding consumer base.
?? Purchasing Power:
Latino purchasing power in the United States reached $2.9 trillion in 2020 and is expected to continue growing significantly in the coming years (Nielsen). This immense buying power makes the Latino community an attractive market for various industries, from retail to financial services.
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?? Influence on Consumption:
Latinos are known for their brand loyalty and preference for products that respect and celebrate their cultural heritage. This makes the Latino community a key market for companies looking to expand. Brands that understand and cater to Latino values and traditions can create lasting connections and foster customer loyalty.
When asked what they would do if the brand they usually buy was not available where they normally shop 23% of Hispanics reported they will go to another store to buy their favorite brand vs. 16% of non-Hispanics.
?? Entrepreneurship and Business Growth:
"As of 2023, Latino entrepreneurs have established a staggering five million businesses across the United States, collectively generating over $800 billion in annual revenue. CultureBanx reported that these businesses not only represent nearly one-fifth of the U.S. population but also contribute significantly to the world's fifth-largest GDP.
The rapid pace of this growth is further highlighted by the fact that the number of Latino/a-owned businesses surged by 34% from 2007 to 2019. Figures like these are starkly contrasting with a 7% decline in the number of white-owned businesses over the same period." (Forbes)
Entrepreneurship in the Latino market not only means taking advantage of a growing demographic segment but also connecting with a community that values authenticity, quality, and emotional connection with brands. Seize these opportunities to develop specific strategies that allow you to expand your business and make an impact in one of the country's most dynamic and promising communities.
Interested in learning more about the Latino market? Follow me to discover how you can capitalize on these trends and take your business to the next level. The time to embark on the Latino market is now! ??
Women In Leadership |Author | Working Mom | I Make Funny Insurance Memes l Making Insurance Fun
8 个月Awesome info! And I find that Latino clients refer all their family /friends to agents they trust.
Inclusive leadership and culture strategist Talks about #leadership #inclusiveleadership #culture #mexico
8 个月Yes Monica 100% - There is such opportunity. This is why running from #DEI is a losing proposition. It may feel safe to retract to appease some but in the long term those potentially loyal Latino/a/e employees and customers who could have brought you success will remember that when the storm came, you lost your courage. It's those leaders who see this bright and beautiful path that includes and respects Latinos who will win!