Building For The Growing 50%
According to the most recent Census data, the white population in America decreased for the first time in history.
Building for and by the growing pool of non-white individuals presents an opportunity to serve historically underestimated and overlooked groups. In particular, we believe companies addressing the needs of specific minority groups will build large and lasting businesses by offering authentic products and tapping into the power of communities to scale – some examples include Sonoro, 54Gene, and Beautyocracy.
This is relevant to all minority and ethnic groups but taking advantage of Hispanic Heritage Month, we wanted to share how we’ve seen opportunities be created targeting this group across some of our focus categories, including money, food, and health.
For context: Hispanics represent ~60 million people living in the U.S. or ~20% of the population. According to the U.S. Census Bureau, this percentage is expected to grow to 28% of the U.S. population by 2060.
There is great diversity within the Hispanic population, but some trends are worth highlighting. Over 70% of them prefer to speak Spanish at home, according to Instituto Cervantes. Hispanics have a higher labor-force participation, faster population growth, and increasing consumer spending relative to the overall U.S. market. Anecdotally, Hispanics are also more likely to make decisions based on trust and cultural norms.
Talking about money is taboo in certain cultures, and it’s definitely not talked about enough in the Hispanic community. Some of this comes from the collective feeling that existing products and (Read more...)