The strength of the Hispanic market is reflected not only in its current size, but also in the speed with which its economic activity is expanding, consistently outperforming the growth rates of other major global powers.
The period between 2011 and 2021 witnessed remarkable economic dynamism on the part of the Latino community in the U.S., whose Gross Domestic Product experienced an impressive annualized growth rate of approximately 3.7%. This figure places Latin American GDP among those with the highest real growth worldwide during that decade.
Beyond its magnitude, what truly distinguishes this growth is its ability to outpace most of the world's major economies, including the United States itself. While Latin American GDP grew at an annualized rate of 3.7%, overall US GDP grew at a rate of around 2% over the same period. This highlights the robustness and economic vigor of this demographic segment.
Latin American GDP on the World Stage
The world's leading economies in 2021 compared to the US Latin American GDP as estimated by spending "by and on behalf" of members of this demographic.
Annualized real GDP growth among the world's major economies from 2011 to 2021 compared to U.S. Latino GDP growth measured by spending "by and on behalf" of members of this demographic.
Sources: World Bank; U.S. Department of Commerce, Bureau of Economic Analysis; U.S. Department of Commerce, Census Bureau, American Community Survey; and U.S. Department of Labor, Bureau of Labor Statistics, Consumer Expenditure Survey.
HMC 2024 HISPANIC MARKETING COUNCIL.