Why Hispanic market is so Important?
Hispanic Population is growing every year.
1980 10 million
1990 22 million
2004 40 million
2020 60 million
Hispanic-Owned Businesses: Growth Projections to 2012
The number of Hispanic-owned businesses in the United States is expected to grow 41.8 percent in the next six years to 4.3 million, with total revenues surging 39 percent to more than $539 billion, according to new estimates by HispanTelligence. Spurred by growing entrepreneurial trends and affluence among the nation's largest minority population, the increase is expected to come at a robust rate of 8.5 and 8.7 percent, respectfully, over the next couple years.
As a matter of fact the US Census Bureau project in 2050 24% of the US population will be Hispanic.
Hispanics accounted for one-half of the nation’s growth
Hispanic growth rate (24.3%) was more than three times the growth rate of the
total population (6.1%)
Top Five States by Hispanic Population Size: 2006
Rank State Population Size
1 California 13,074,156
2 Texas 8,385,139
3 Florida 3,646,499
4 New York 3,139,456
5 Illinois 1,886,933
Nationally, the 2005 median household income was $46,300—a 1.1 percent gain over the previous year’s median and a 31 percent gain over 1967. The first year these data was collected between 2004 and 2005, real median household income did not show a statistically significant change for non-Hispanic White, Black, Asian, and Hispanic households.
The median for non-Hispanic White households was $50,800. The median for Hispanic households was $36,000. year-average median for non-Hispanic White households.
Between 2004 and 2005, the real median incomes for households maintained by foreign-born householders rose 3.3 percent to $42,000. The median for households maintained by naturalized citizens rose to $50,000—5 percent over last year’s median and higher than the median for native householders. At $46,900, the median for native householders was not statistically different from the previous year’s figure.
According to the 2002 Economic Census, the U.S. had 195,659 full-service restaurants. Of this total, 17,415 were Italian restaurants; 17,395 were Chinese; 15,112 were Mexican; and 19,281 were restaurants with some other ethnic specialty.
Among the nation's 186,942 limited-service restaurants, 14,093 were Mexican, 10,996 were Chinese; 5,361 were Italian; and 4,439 were restaurants with some other ethnic specialty.