The US market has long been the largest and most coveted of markets. US consumers enjoy unprecedented spending ability with generous incomes and easy credit. Until recently English has been the only language which needed to reach US consumers. Significant demographic changes are now reshaping local communities in unparalleled ways, creating new opportunities and business challenges.
Hispanics – the fastest growing minority
The biggest change – and at the same time the greatest opportunity – is the growth of the Hispanic population: at over 43 million and growing fast, Hispanics today represent over 13 percent of the US population – larger than the overall population of many European countries. Mexicans are the fastest growing Latino community and they’re not solely moving to California, Miami, and Texas anymore. Denver, Phoenix, and Tucson have all seen their Hispanic population increase to the point where white non-Hispanics are now a minority. Think of the political and economic ramifications these changes have on their communities.
Locally, the shift in the population structure is being felt in Detroit as well. There are now over 190,000 Hispanics in the metro Detroit area. They represent four percent of the population, have an average household income of ...
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