Hispanic purchasing power in Arizona reached 63-billion dollars in 2020, with the overall number in the U.S. reaching 1.9 trillion dollars. Jose Cardenas learned more from Catalina Perez of the Arizona Hispanic Chamber of Commerce.
Perez explained that during their research into Hispanic purchasing power, “we focus on the elements of a healthy community and every year we dedicate…to a different element so we focused on education, on healthcare.”
“Last year we focused on housing…some of the demographics of the hispanic market across the U.S.,” she added.
The demographics show that right now there are 62 million Hispanics in the country but not including those who are undocumented or from Puerto Rico.
“We are a very large population and as well in Arizona, the Hispanic population has reached 2.2 million,” Perez said.
This means that the Hispanic population represents 30% of the state, 40% of Phoenix-metro and 50% of the K-12 system.
Arizona ranks in the top 5 for the largest Hispanic population.
In regards to housing, “there are only 26 affordable and available rental homes per every 100 low-income renters,” Perez said.
She urged that it, “is an issue because we need to make sure that there is enough housing for everyone, not just those who can afford it.”
Perez said that on the other hand, “the Phoenix-Mesa-Scottsdale area is one of the top 20 markets with the most mortgage-ready Hispanic millennials.”
She said that this is exciting because younger Latinos are recognizing the importance of building wealth and that is what ties into the increase in purchasing power.
Another positive in this data, according to Perez is that, over the last 10 years, Latino-owned businesses have grown 34% compared to only %1 of growth for all other small businesses within the country.
In Arizona, Latino-owned businesses have grown by 11%.