With a 163 percent increase in population between 2010 and 2050, the U.S. Hispanic community will account for one-third of the country, according to U.S. Census data. The U.S. Hispanic population had purchasing power of $1 trillion in 2010 and is approaching $1.5 trillion this year—a 50 percent increase in just five years, according to a report from the Selig Center for Economic Growth.
The numbers are staggering, and the last two Census reports and election cycles have raised awareness of this community and its growth, but this consumer segment still remains underserved by businesses and brands. Such a vital market force, driven by new generations of millennials and multicultural immigrants, resembles, to a certain extent, the baby boom phenomenon. It has significant implications for the U.S economy, and it represents a growth opportunity for companies of every size.