The impact of Hispanic culture and contributions in the United States was powerfully demonstrated during the 59th presidential inauguration of President Joe Biden and Vice President Kamala Harris.
The nation witnessed historical moments as the first Latina Supreme Court Justice, Sonia Sotomayor, swore in Kamala Harris as the first female, black and Indian American Vice President.
Famed Latina artist Jennifer Lopez performed a medley of “This Land is Your Land” and “America, The Beautiful” at the swearing-in ceremonies. During her performance she addressed the nation in Spanish, calling out the last line of the pledge of allegiance, “¡Una nación, bajo Dios, indivisible, con libertad y justicia para todos!” (One nation, under God, indivisible with liberty and justice for all.)
These culturally significant moments underscore the growing influence of Hispanics across all aspects of American society. The Hispanic population’s strong desire to maintain cultural traditions while embracing the best of America is weaving its unique thread in the fabric of our nation.
It is a business imperative for companies to recognize the growth and influence of the upwardly mobile Hispanic market, incorporating strategies to authentically engage Hispanic audiences as an integral component of their business growth approach.
While the Covid-19 pandemic in 2020 has disproportionately impacted Hispanic communities, the Hispanic market is a cultural and economic force with a story of growth and resilience.
Here are five areas of Hispanic growth for businesses to pay attention to:
- Hispanics make up 19% of the U.S. population (62.3 million) and are projected to drive 53% of U.S. population growth in the next 5 years.
- Hispanic households, whose median income climbed 20.7% over the past five years.
Small Business Ownership
- Hispanics own 4.65 million businesses (14% of the 33 million total U.S. businesses). Between 2012 and 2018, the number of U.S. Hispanic-owned businesses increased 40.2%, compared to an 18.8% increase for all other businesses
- From 2009-2019, Hispanics accounted for 40.4 percent of the overall growth in household formations, having added over 4.3 million new households.
- Hispanic undergraduate enrollment increased by 148 percent between 2000 and 2018 (from 1.4 million to 3.4 million students).
 2020 Nielsen Hispanic Diverse Intelligence Series, 2018 American Community Survey
 The Wall Street Journal, “Hispanic Household income Climbs” 2018
 Claritas, “The Hispanic Small Business Report,” 2019
 2019 State of Hispanic Home Ownership Report, NAHREP
 National Center for Education Statistics, Undergraduate Enrollment, May 2020