During National Hispanic Heritage Month (HHM), from September 15 - October 15, the United States honors and recognizes the many cultural and societal contributions of Hispanics/Latinx. This year’s Month Observance Theme is: "Unidos: Inclusivity for a Stronger Nation.” The theme encourages everyone to ensure that all voices are represented and welcomed.
Last year, I wrote about the 2020 U.S. Census Report and the importance of reaching Latinx. In my post, I shared six key takeaways: 1) Population is not Based on Immigration, 2) Language and News Consumption, 3) Latina Economic Power and the Future Latinx Consumer, 4) Voting Power, 5) Social Media and Mobile Influence, and 6) Effect of COVID-19.
For my post this year, I decided to focus on additional findings from the 2020 U.S. Census Report and Hispanic Star’s Hispanics in the US 2022 report. As an evolving and growing audience, here are six additional reasons communicators should strive to reach Latinx audiences beyond Hispanic Heritage Month.
1) Purchasing & Economic Power: The Latinx Gross Domestic Product (GDP) is at $2.7 Trillion, making them the tenth largest and the third fastest-growing minority group. Their purchasing power has grown to $1.9 Trillion, putting them at the number one spot within key minority markets in the country.
2) Driving Market Industry Growth: Hispanics account for growth in these main industries: Auto by 68%, New Homes by 46%, and Video Game Usage by 68%. Not to mention, 86% of all new business in the last ten years have been launched by Hispanics, making one out of five entrepreneurs Latinx. To further drive the power of Latinas in business, they are six times faster than any other group to create small businesses.
3) Workforce Growth: Latinx accounted for more than half (51%) of the U.S. population growth and 26% of the youth population. This makes them the fastest-growing and second largest minority segment in the country. The future of the U.S. workforce is Latinx. Seventy-four percent of new workers are Hispanic which increased the growth of the Latinx workforce by over 250% in the last 25 years.
4) Continued Voting Power & Tax Contribution Growth: In 2020, 31.5 Million Latinx were eligible to vote. This makes them the fastest-growing voting bloc in the country, creating a scramble by political parties to win them over in the upcoming congressional and presidential elections. Hispanics paid $215 Billion in Federal, State, and Local taxes. In addition, they are big Social Security and Medicaid contributors, for they paid $102 Billion to Social Security. This is impactful when the average age for non-Hispanics is 58 in an aging America.
5) Breaking Stereotypes: The 2020 U.S. Census shed new light on big changes in the Latinx population when it comes to language, education, and career paths. 80% of the U.S. Hispanic population now speaks English. They are also making inroads in education with 73% of adults earning their Bachelors/Advanced degrees. They account for growth in these fields: Management/Business/Science/Arts by over 21%, Healthcare by 18%, and Computer-Related by 13%.
6) Tech Savvy & Active Online: 75% of Latinx are active online. They are 17% more likely to access the web via their smartphones and spend nearly six hours a day on social media. They also lead in the usage of Twitter with 11.1%. At the moment, the most popular platform for Latinx is video streaming. Four in ten spend more than five hours a week listening to music online, and 34% of Latinx are eSports fans.
While it may seem like a natural fit to connect with Latinx communities during Hispanic Heritage Month, you can see there are several reasons to communicate with this audience throughout the year. With buying power at $1.9 Trillion and growth in several industries and fields, this active demographic is not one to be ignored.
How are you reaching Latinx? One of the easiest ways to reach this influential group is by sharing your news via Business Wire’s target media service LatinoWire.
Business Wire offers more than 1,600 ways to reach today’s Hispanic consumer. Translated and distributed in Spanish and English, LatinoWire puts your press release into the hands of the U.S. Hispanic, Latino/a, and Latinx audiences throughout the United States.
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