RADIO EL GALLO MYRTLE BEACH SC
RADIO EL GALLO
Hispanic Buying Power
todayJanuary 3, 2022
The total buying power of the U.S. is more than $12 trillion and Hispanic spending accounts for more than $1 trillion of that. And estimates from the Selig Center for Economic Growth say that number could grow by 48 percent by 2015.
“South Carolina is now the fastest growing emerging state with Hispanics. All of these people are just like you and me, they buy goods and as a matter of a fact, Hispanics buy in bulk and they buy a lot more at the grocery store than mainstream America. They’re super important,” says Eric Esquivel, La Isla Magazine.
Hispanics spend 13 percent more at the grocery store, $12.6 billion on the internet and have outspent all minority counterparts in 2011. U.S. census surveys say the Hispanic community spent just $490 billion in 2000 and jumped to $1.1 trillion.
“They’re paying taxes, buying cars, re-registering cars, buying homes and having babies,” says Esquivel
At the New River Auto Mall, Millie Peacoe was hired so she can relate to the Hispanic market.
“It is kind of good to kind of see them and for them to identify with you as Spanish. We just start speaking right away and make them really comfortable and make either the service or the sales really easy,” says Peacoe.
“I don’t think I’m doing anything more for the Hispanics than I’m doing for anyone else, I just want to make sure that I’m providing the employees to them and relating to them the way that they want to be related to,” says Warner Peacock, New River Auto Mall Co-Owner.
“They are the most loyal, most referral driven multi generational consumer that exists in America today when you look at them as a specific demographic,” Esquivel adds.
“If you’re not doing what it takes to earn Hispanic business, then you’re probably not going to be successful in the near future,” says Peacock.
A lot of businesses are looking at that demographic. Agency One in Hardeeville works hard to help its Hispanic customers purchase homes and even creates special payment schedules for it. Medical Director Brandon Jasper also works to accommodate Hispanic patients.
U.S. Census data shows that both Georgia and South Carolina are in the top three for Hispanic owned businesses of $1 million or more.
Written by: El Gallo
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