Latinos’ buying power in Arizona soars to $45 billion
Sep 28, 2018, 7:00 PM
(Pixabay Photo)
(Pixabay Photo)
PHOENIX — Latinos are spending big bucks in Arizona, and their buying power is expected to continue growing, according to a new report by the Arizona Hispanic Chamber of Commerce.
The Chamber’s 2018 DATOS: The State of Arizona’s Hispanic Market finds Latinos’ buying power in Arizona was about $45 billion last year, up from $31 billion in 2010. It’s expected to hit $57 billion in 2022.
“We’re really driving the growth in the economy,” said Monica Villalobos, vice president of the Arizona Hispanic Chamber of Commerce.
Latinos, who make up 31 percent of Arizona’s population, are also contributing to the state’s business growth.
“Hispanic businesses have doubled in the last 10 years and Latinas are driving that growth,” Villalobos said.
The number of Latino-owned businesses in Arizona increased by 70 percent between 2007 and 2012, according to the DATOS report. Meanwhile, Latina-owned small businesses grew by 116 percent.
Latinos now own about a quarter of the 500,000 small businesses in Arizona, and their businesses contribute about $15 billion in revenue to Arizona’s economy each year.
When it comes to homeownership, Latinos also leading the pack. Over the last two decades, Latino-owned households in the United States grew by 76 percent. Villalobos said one explanation for the increase: Latinos are a younger population.
“We know that Latinos are 10 years younger than the general population,” she said. “That means they’re hitting life milestones…so they’re getting married, they’re buying homes and they’re having children.”
The DATOS report was released Friday during an annual breakfast event hosted by the Chamber.
Gov. Doug Ducey spoke at the event and said these achievements and contributions by Latinos have helped the state’s economy boom.
“These numbers are nothing short of tremendous,” he said. “And they inspire excitement for our future and they’re something for every Arizonan to be proud of.”
