Latin America Business News
America Needs Latino Tax Base Say Experts
At its 7th Annual Multicultural Marketing Summit, Geoscape released the 2011 series of its American Marketscape DataStream’s (AMDS) report of the evolution of the American economy and cultural make up. In it, Geoscape revealed facts in the 2011 series that show explicit support for industry and public service forums to increase discussion on the matter of Latino/Hispanic influence in the American marketplace.
Some of the facts to be discussed are:
-Hispanics, Asians and African Americans represent more than 80% of American population growth.
- Hispanics contributed 52 percent of population growth since the year 2000.
- Hispanics form 16 percent of the population but nearly 50 of consumer spending growth in 2010.
- Hispanics and Asians contributed two-thirds of annual spending growth in 2010.
- There are 326 counties where ethnic minorities form the majority of the population-many of the largest counties in the nation, such as Los Angeles, New York, Chicago (Cook), and Santa Clara (Silicon Valley).
- Eighty percent of Hispanics are bilingual and about 20 percent are dependent on English or Spanish.
- 92 percent of retirees are non-Hispanic and American’s depend increasingly on Latino taxpayers.
Politicians will likely begin catering more to Latino voters’ interests due to the increasing levels of naturalized and second or more generation Hispanics.
“The Latino boom has been upon us since the 1980’s and corporations are increasingly cognizant of the strategic value of this population segment for business growth and shareholder prosperity, “ said Cesar M. Melgoza, Founder & CEO of Geoscape.