MESA, AZ — It’s growing and showing no signs of slowing down.
The buying power of the Hispanic population in our country is surging right now.
According to a recent study from the University of Georgia, Hispanic buying power nearly doubled from 2010 to 2020, surging 87% to $1.9 trillion – and it’s a trend we are seeing play out across the Valley and Arizona as well.
The only thing that tastes better than Maria Elena Guevara’s homemade horchata is the sweet taste of success – she’s experienced plenty of that since opening a Paleta Bar location off of US 60 and Signal Butte in Mesa last year.
“Like all immigrants, I came to the U.S. with a dream,” explains Guevara. “And this was my dream.”
It’s been a winning recipe that’s not only familiar to her but also to her community.
“Hispanic people already know about paletas and love them,” she says.
They are surely a summertime favorite and as the Hispanic community continues to grow, so do her profits.
“The pocketbook is huge,” explains Franki Jo Rios, President and CEO of the East Valley Hispanic Chamber of Commerce. She says no business should underestimate the buying power of Hispanics right now or in the future.
“Also, recognize that we are going to be the majority, not the minority anymore, so helping our Hispanic community is also going to help them.”
And she’s right. According to a number of studies, Hispanic buying power in this country is expected to soar $2.5 trillion by the year 2025, growing at double the rate of non-Hispanics.
And it’s proving to have impacts beyond just dollars and cents.
“The buying power of Hispanics represents not only the economic potential but also a force for cultural influence and change,” explains Rios.
And part of that change also includes more Latina business owners like Guevara.
“We don’t exclude anyone here,” she says, with a smile on her face and a paleta in her hand. “We want everyone involved. Even if you don’t know what paletas are, we’ll show you what we have!”
For Guevara, it’s about creating a new community using an old favorite.
To read more of that study from UGA, head to this site.
