Driven by sustained population growth and active labor force participation, the Hispanic market is consolidating as one of the key driving forces for long-term economic prosperity in the United States.
The importance of the Latino market in the United States is the result of continued population growth, fueled by immigration and a high birth rate within the Latino population. This population expansion has directly translated into greater incorporation into the U.S. labor market and, consequently, a significant increase in purchasing power, transforming it into a highly relevant consumer and producer market.
This demographic and economic expansion is not just a trend of the past, but a projection into the future. The growth rate of Latin American GDP, which was approximately 85% higher than that of the overall US GDP between 2011 and 2021, underscores its role as a fundamental pillar for the development and resilience of the country's economy, promising to continue to be a key driving force in the years to come.
Latin American GDP on the World Stage
The world's leading economies in 2021 compared to the US Latin American GDP as estimated by spending "by and on behalf" of members of this demographic.
Annualized real GDP growth among the world's major economies from 2011 to 2021 compared to U.S. Latino GDP growth measured by spending "by and on behalf" of members of this demographic.
Sources: World Bank; U.S. Department of Commerce, Bureau of Economic Analysis; U.S. Department of Commerce, Census Bureau, American Community Survey; and U.S. Department of Labor, Bureau of Labor Statistics, Consumer Expenditure Survey.
HMC 2024 HISPANIC MARKETING COUNCIL.