Impact of Hispanics on the economy
The United States is considered one of the leading consumer countries worldwide. According to statistics published by the digital magazine "Semana," consumption is high in electricity, water, and gas services. But you also have to add expenses for other products and investments in assets.
New York, Boston, San Francisco, Washington, Chicago, and Los Angeles are just some of the world's largest cities with the highest per capita spending.
Consumerism can be seen from various points of view. One is the unnecessary expense of objects, such as clothing, furniture, gifts, etc., which contributes to a country's economy but not the environment. Adictionally, there is the consumption or necessary expenses such as electricity and drinking water, and investment consumption, whether it is the purchase of property, such as houses, apartments, etc.
But whether the purchase or expense is necessary or not, it helps the circulation of money and the country's economy.
American consumer profile
According to Legis Comex, USA, there is an ethnically diverse young population, Millennials, who are beginning to develop their professional careers or are already established and are also creating new families, which will set the pattern of consumption in the following years.
The Baby Boomers continue to contribute significantly to the economy. Generation Z or Centennial is beginning to develop economically and totally associated with technology and, therefore, consumerism. But Spanish speakers definitely have an impressive influence.
Hispanics and their influence in the US
The Hispanic population is considered the most influential ethnic group in the US. According to the Census Bureau of this country, in 2010, there were approximately 50.5 million Latinos.
But additionally, according to Los Angeles Times, in 2021, it increased to 62.1 million Hispanics in the country, representing 18.7%, making Spanish the second most widely spoken language (12%) after English.
The 2020 census confirmed what we have known for years, that the future of the country is Latino." said Arturo Vargas, CEO of the Educational Fund of the National Association of Latino Elected and Appointed Officials.
Statistics carried out by the Direct Marketing Association of New York, published by Legis Comex, present us with the following data:
- Hispanics spend more in proportion to their income on clothing, sports shoes, wireless telephone services, fresh food, furniture, and appliances.
- 45% of wealthy Hispanic households (over $99,000) live in New York, Los Angeles, Houston, Miami, and Chicago.
- 47.3% own a home.
- 42.4% have a savings account or time deposits.
In conclusion, the beauty of The United States is the people's diversity and what each of them contributes.