The Hispanic Sentiment Study of 2023 has revealed the undeniable influence and ongoing challenges faced by the Hispanic community in the United States. Here's a deep dive into the key findings and persistent issues highlighted in the study.
Key Revelations:
- Economic Influence: The economic power of the Hispanic community continues to soar, with a Latino GDP that would rank as the 5th largest globally if it were an independent country. This impressive statistic underscores the community's central role in fueling national economic growth.
- Business Leadership: Hispanic entrepreneurs lead the charge in business creation, accounting for 86% of all new businesses started in the last decade. This entrepreneurial spirit is reshaping the American economic landscape and setting a precedent for future generations.
- Cultural Resurgence: There has been a noticeable increase in the embrace of Hispanic culture, mainly through language and music. This cultural revival is crucial in defining community identity and influence in a multicultural society.
Going beyond statistics, Hispanics hold significant sway in the economy, accounting for a notable 25% of vehicle sales.
Challenges
- Lack of Recognition: Despite these significant contributions, major brands and media need to pay more attention to many of the Hispanic community. About 43% believe they are undervalued, which is an improvement from previous years but still highlights a gap in representation and engagement.
- Media Trust Issues: While trust in Spanish-language media has increased from 25% in 2018 to 32% in 2023, there remains a critical need for more authentic representation across all media platforms that better reflect the values and dynamics of the Hispanic population.
The 2023 Hispanic Sentiment Study celebrates the achievements and casts a spotlight on the areas where society still falls short. As Hispanics continue to shape the social and economic fabric of the United States, it becomes increasingly important for industries and institutions to recognize and harness this dynamic community's potential while addressing its concerns with genuine commitment.
We invite you to read the comprehensive report to explore the full extent of the census findings and their implications!
To see the full report, please click here.
