According to a study from IHS, Hispanics will account for more than 40% of employment growth in the next five years and more than 75% between 2020 and 2034. Employment growth translates to more sales and more people buying products or services.
There are many industries that will benefit from Hispanics, and one of the biggest will be the automotive industry.
It is estimated that 42% of the Hispanic market has a household income of $50K and it is growing at faster rate compared to the general market.
Hispanic households are larger than non-Hispanics (3.6 vs. 2.4). It is common among their culture for many Hispanic Millennials to be still living with their parents. This fact alone presents an ideal opportunity for car dealers to sell more cars to the same household and get more referrals.