A study recently released by Geoscape and supported by the United States Hispanic Chamber of Commerce reveals that Hispanic businesses, including Hispanic grocers, are a fast-growing and critical part of the U.S. economy.
During the last decade, the number of Hispanic-owned businesses doubled, growing from 1.6 million in 2002 to a projected 3.2 million in 2013. This year, the projected combined annual revenue of these businesses is over $468 billion – an increase of over $100 billion in the past six years.
The Hispanics in Business Study contains data sourced from Geoscape, The U.S. Census, Scarborough, The U.S. Department of Commerce and the Kauffman Index of Entrepreneurial Activity.
Hispanic business owners are 86% more likely to have household incomes between $100,000 and $149,000 and are three times more likely to have household incomes of $150,000 or more so they make for a highly attractive consumer audience as well.
- Hispanic-owned businesses double from 2002 to 2013 (nbclatino.com)
- Hispanic-owned Enterprises Double in Decade (hispanicbusiness.com)
- Number of hispanic-owned businesses doubles between 2002 to 2013 (oregonlive.com)
- Hispanics Drive Back-to-School Spending (hispanicbusiness.com)