A Reuters study on consumer spending indicates that Latino spending for non-essential goods and services is in a sharp decline. A recent surge in deportations is causing Latinos, even those who are U.S. citizens, to curtail their shopping out of fear of deportation or harassment. The CEO of Target, Brian Cornell, says that Latinos are staying home and going out less often. Experts say that brands popular with Latinos such as Nike, Sketchers, and Vans could take a big hit however, essentials, such as food and household items, are showing less of an impact. In my view, this is only the tip of the iceberg. Latinos are the U.S. economic drivers behind everything from consumer spending to labor force growth. While Latinos are extremely resilient, bounce back spending typically occurs very gradually. It will be fascinating to see how our policy makers respond once corporate profits and the national GDP start to tank.
Latinos are the youngest demographic in America, with the highest workforce participation rate. We are young and we are not afraid of hard work. Our dedication to God, family, and country is of the highest level. We contribute a lot to this country, but I’m not afraid to say, we are still vastly underachieving as a community.
I think most Latinos would agree that at our core, we are a generous people. If a member of our family is in need, Latinos as a rule, won’t hesitate to help financially. Family is central to Hispanic culture: our generosity has few limits. Maybe that explains why when it comes to making political donations and writing checks in support of actual philanthropic activities, Latinos come up short….When I interviewed Barack Obama last year at NAHREP at L’ATTITUDE, I pressed him about politicians not prioritizing issues that are important to Latino voters, he politely pushed back by saying…
We hear frequently how Latinos are not a monolithic community. In other words, we are not all the same. We come from different countries, have a variety of political views, and even eat different foods. I get all of that, but I also think focusing constantly on our differences versus our similarities undermines our political and economic power as a community...