The growing political power of Hispanics was exhibited in the reelection of President Obama, but it’s their economic power that is increasing even faster — and retailers and brands are rushing to keep up.
As the fastest-growing demographic in the country, it’s no wonder stores, brands and consultants are trying to get a deeper understanding of the preferences of the Hispanic consumer. According to the Selig Center for Economic Growth, Hispanics’ estimated buying power will reach $1.2 trillion this year. Their spending power has risen from $212 billion in 1990 to $489 billion in 2000, to $978 billion in 2009 to an estimated $1.5 trillion in 2015. The estimated Hispanic population of the U.S. is 52 million, as of July 2011, making people of Hispanic origin the country’s largest ethnic or racial minority, according to the U.S. Census Bureau.