Where Does the Dinero Come From?
In an earlier post, we mentioned that Hispanics’ buying power is about to outstrip that of every other minority in the country.
(A projected $1 trillion by 2010 — a 457% increase over 1990 compared to a 176% increase in non-Hispanic buying power.)
So, where’s all that money coming from?
Well, you’ll find Latinos working in almost any job category you can think of.
Cowboys and cannery workers.
Disk jockeys and doctors.
Biologists and business executives.
Teachers and telecommunications engineers.
Secretaries and sales managers.
Hospitality workers and healthcare providers.
And, yes, gardeners and domestics and construction workers.
But here’s the part that might surprise you.
Turns out a lot of Hispanics own businesses.
Yep.
Three million of them.
That generate some $450 billion in annual sales.*
Which means Hispanic businesses need —
Banking and telecommunications services.
Computers and office supplies.
Office furniture and vehicles.
Janitorial and sanitation equipment.
And a host of other products and services.
So again the question is this.
Are they buying any of these things from you?
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Next time we’ll talk about what makes Latinos tick.
And about why understanding their values is important.
Stay tuned.
*Source: Selig Center for Economic Growth, 2006.
