Report: U.S. Latinos A Strong Consumer Force
An annual report released in Phoenix on Friday reveals U.S. Latinos are the 15th largest consumer market in the world. The spending power of this demographic is expected to get even stronger.
In 2010, Latino purchasing power in the U.S. surpassed one trillion dollars.
The data come from the annual DATOS report, sponsored by the Arizona Hispanic Chamber of Commerce. Louis Olivas authored the study.
“It matters because in order to acquire the Hispanic clientele, corporations and businesses must be able to cater to the cultural context, to the language, to who they are, and to their needs,” Olivas said.
DATOS predicts in the next three years U.S. Latino purchasing power will increase to $1.5 trillion. The study suggests a surge of young Latinos will increasingly affect the country’s economy and politics as they enter adulthood.