The Hispanic population in the United States is currently at an all-time high of 57 million. Hispanics currently represent 18% of the US population, but given their high population growth rate, it is expected that they will represent 24 percent of the US population by 2040 and 29% by 2060. According to census statistics procured by Nielsen, all factors indicate that this growing Hispanic population will be the future drivers of both population and economic growth. 65 percent of US population growth over the next 45 years will be due to Hispanics. With these statistics in mind, a number of key insights can be drawn from them.
The buying power of Hispanics has grown immensely
The high population growth has largely been propelled by increased incomes observed amongst the Hispanic population. According to Nielsen, the buying power of this rapidly growing Hispanic population has more than doubled since the turn of century, and stood at $1.3 trillion in 2105; a figure that’s expected to rise to $1.9 trillion by 2020. Economic empowerment has largely been the main factor that has fuelled the rise in buying power that is currently being witnessed.
Gains made in education
What is perhaps the most profound development observed in the Hispanic population over the past decade is the remarkable gains that have been made in education. The number of female Hispanics who graduated high school between 2012 and 2014 surpassed that of both African Americans and non-Hispanic whites. This trend continues to be seen in colleges where a higher number of Hispanic women enrolled in college than both Non-Hispanic whites and African American women. The National Centre for Education Statistics states that the increased number of college educated Hispanics is one of the reasons for the increased household incomes and expenditures.
A bilingual community
While 55 percent of Hispanics are bilingual, this community is further divided into whether an individual is either Spanish-dominant or English-dominant. The younger generations are getting more and more English-dominant while the number of Spanish-dominant Hispanics reduces over time. 27 percent of Hispanics are English-dominant while 19 percent are Spanish Dominant. The fast-growing Hispanic population has evolved from being an insulated community to a large community whose language has been considerably influenced by the larger American culture.