The Growth in the U.S.
By now, you may already know that the Hispanic purchasing power in the United States has reached $1.3 trillion annually. Without a doubt, the Hispanic consumer is a coveted consumer group. But the Hispanic business owner, which is estimated to number 3.2 million strong and growing, is just as important—their receipts total more than $480 billion every year! As this number continues to grow, their economic contributions will only make our national and local economies stronger.
128.8 million. That’s how many Hispanics, domestic or foreign-born, are expected to be in the United States by 2060. That is 31% of the total population! While the general population levels out across the U.S., the Hispanic population continues to grow—and so does the number of Hispanic business owners. In fact, they’re growing at a rate twice as fast as the national average.
With an estimated 41,305 Hispanics in Kansas City, it’s no surprise that Hispanic business also is alive and thriving here, just as it is across the United States. There are 492 Hispanic-owned businesses with receipts of $74,705,000 in this city alone. Hispanics comprise more than 28% of the city’s population. That’s a 430.2% increase since 1980! With such a young Hispanic population here in KC, (with a median age of 24.1, as opposed to the overall population’s of 32.8), this number and the number of Hispanic business owners will only continue to grow.
Recognizing Hard Work & Dedication
On Wednesday, October 15, Puente Marketing & Advertising helped the Kansas Hispanic & Latino American Affairs Commission (KHLAAC) hold a successful event to recognize Hispanic business owners and their milestones and contributions to society. Richard Montañez, the founder of Flamin’ Hot Cheetos, was there to share his inspiring story of growing up with his family from Mexico in a town with few Hispanics. As someone who started out as a janitor mopping the floors of the Frito-Lay plant to becoming the CEO of one of the company’s biggest brands, he is a living testament that Hispanics have an entrepreneurial spirit and drive that are alive and well in this community!
Here’s the bottom line. Charlie Rivera, a Hispanic business owner himself, summed it up nicely. The owner of Eagle Strategies LLC stated, “Hispanics have come to this country with their hands out to work, not to be given anything.” We can’t ignore this growing force. As a Hispanic-owned company, Puente Marketing understands both the Hispanic business owner and consumer. If you need help connecting with either, give us a call at 816-283-8300 or visit us online.