The Hispanic Market Presents Many Opportunities for Franchise Brands
The population of the U.S. is changing, in many ways. One of those is the growing numbers and influence of the country’s Hispanic population. Savvy, forward-looking marketers are already planning their strategies and tactics to reach and engage with this expanding demographic.
In addition to the annual Latino Franchise Symposium hosted by Latino Leaders magazine (written in English), some examples of franchise brands focused on the Hispanic market today are Pronto Insurance, ATAX, and Maid Right Franchising.
Sebastian Aroca, owner of Hispanic Market Advisors, says the four franchise sectors his company serves most are residential cleaning, tax preparation, insurance, and retail food.
Want to dig in further? A report from Claritas, “The 2022 Hispanic Market Report: The New American Mainstream,” is packed with fact and figures, as well as analysis and projections. Below are a few stats to get you started.
- 66.5 million Hispanics currently live in the U.S., approximately one-fifth of the country’s population of 332 million.
- Between 2000 and 2023, the Hispanic population accounted for nearly 52% of the total growth in the U.S., while the non-Hispanic White population declined by 3.6%. These findings show that all the growth now and into the foreseeable future will emanate from groups other than the traditional non-Hispanic White population.
- 58% of the projected population growth over the next 5 years will emerge from the Hispanic segment.
- Today, 18.9% of the U.S. Millennial population is Hispanic.
Download the free, 34-page report here.
The report also contains detailed statistics and analysis of Hispanics’ food buying habits (both at home and eating out); cell phone buying behavior; geography (where they live); differences based on their country of origin, language variations, and levels of acculturation; household income; and retail spending. Part 2 of the report digs into technology usage (cell phones, service providers, and social media use), financial behaviors (banking), and insurance (auto, life) trends within the Hispanic population.
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