Latino buying power in Arizona is exceeding expectations
Oct 4, 2022, 4:35 AM | Updated: 1:56 pm
(Photo by Mario Tama/Getty Images)
(Photo by Mario Tama/Getty Images)
The Latino buying power in Arizona was projected to reach $57 billion this year, but that has already been exceeded.
“Currently, the Latino buying power in Arizona is $63 billion,” said Monica Villalobos, president and CEO of the Arizona Hispanic Chamber of Commerce. “We have outperformed most of the predictions and forecasts, even during the pandemic.”
That number is more than double the $31 billion Latino buying power in Arizona a decade ago. Villalobos said there are no signs of slowing down.
“We like to be as conservative as we possibly can, but I believe we’ll reach $75 billion in the next five years,” she said.
Villalobos spoke about these numbers at the U.S. Hispanic Chamber of Commerce’s national conference, which is being held in downtown Phoenix through Tuesday.
She also shared some of the findings from the 26th annual DATOS report, which is a comprehensive compilation of research focused on Latinos in Arizona.
It finds the Arizona Latino population reached nearly 2.2 million in 2020, and Latinos make up nearly one-third of the state’s population.
Latinos in Arizona are also much younger than the rest of the population. Their median age in the Phoenix area is 30 while in Tucson it’s 32. That’s compared to 49 years old for non-Latinos in Arizona.
The DATOS report also highlights the findings of a recent survey of nearly 2,000 minority-owned businesses in Arizona, Nevada and Utah.
“What we found was really good news,” Villalobos said while speaking at the USHCC conference on Monday. “Even and despite the pandemic, these businesses are absolutely succeeding.”
She said minority-owned businesses grow 3-4 times faster than other businesses, but their revenue is much lower than other businesses. That’s starting to change.
Villalobos noted their median annual revenue in Arizona is now $279,000, up from $215,000 a decade ago.
“Those businesses continue to scale because of the resources that the Arizona Hispanic Chamber of Commerce provides and all other organizations that serve small businesses,” she said.
