The purchasing power of the Hispanic population in the US is increasing.
According to a recent study by University of GeorgiaHispanic purchasing power nearly doubled from 2010 to 2020, climbing 87% to $1.9 trillion.
Maria Elena Guevara saw firsthand the power of Hispanics.
She is the owner of Paleta Bar in Mesa, Arizona.
“Like all immigrants, I came to America with a dream,” explains Guevara. “And this was my dream.”
Guevara said his business has been successful because of the Hispanic community.
“Hispanics already know about paletas And love them,” she says of frozen dishes.
Experts say it is a wise decision to consider the purchasing power of Hispanics when running a business.
“The pocketbook is huge,” explains Frankie Joe Rios, president and CEO of the East Valley Hispanic Chamber of Commerce in Arizona. “Also recognize that we are now going to be the majority, not the minority, so helping our Hispanic community will help them as well.
Hispanic purchasing power in the country is expected to increase $2.5 trillion by 2025Growing at twice the rate of non-Hispanics.
“The purchasing power of Hispanics represents not only economic potential but also cultural influence and the force of change,” Rios explains.
Part of that change includes Latina business owners like Guevara. “We don’t exclude anyone here,” he said. “We want everyone to be included. Even if you don’t know what pallets are, we’ll show you what we have.”
This story was originally reported by Nick Siletti Scripps News Phoenix.