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HISPANIC MARKET OVERVIEW 2019 Powered by HispanicAd.com
But the change is inevitable here – and in many other locales across the U.S.
When demographers look at the population of those under 25 – the majority of the population is multicultural.
It’s Palm Beach County today – and perhaps many other locales across the U.S.
TWO MAJOR TRANSFORMATIONS
What may be striking to marketers is the following two trends, occurring concurrently:
1) A record share of our population is going gray
2) Our population is rapidly becoming majority non-white
This has tremendous social and political implications.
“It is imperative that we think about what this actually means for our businesses and for our institutions,” Soto says.
She then offered the group a most startling statistic regarding the growth across the U.S. seen among Latinos, punctuating the fact that – until very recently – births rather than immigration are driving Hispanic population growth.
Between 2000 and 2017, the U.S. Hispanic population grew by 74%.
There’s more.
“Minority” groups were the majority population in 377 counties in 2017, which include most of the highly populated areas of the U.S.
And more.
Between 2017 and 2022 the multicultural population is forecast to grow by 220,930 per month – or by 2.68 million people per year.
This will continue for the foreseeable future, Soto says, with “minorities” becoming majority population by 2044.
In Palm Beach County, that’s forecast to occur nine years earlier, in 2035.
That’s why the $3.8 trillion in buying power the Hispanic population represents nationwide is so vital to
brand growth in such markets.
Soto remarks, “This population is outpacing in terms of spending the ‘total market’ in areas like auto, health care, clothing, mortgages – they are probably the top 20 consumer consumption category where this population overspends the mainstream population.”
Why? This population is much younger and is in their prime spending zone.
For attendees, the questions circled back to the Census. Educating undocumented workers that they will not be taken away is a must. This is how Federal funds flow to a county. Given the growth yet to come for Palm Beach County, the absence of such funds could present massive budget problems in the 2020s.