Miami is known for its weather, parties, and many cultural activities. While still having all those things, it also has slowly become one of the strongest purchase capitals in the American region, with a growing Hispanic population.
According to the most recent data by the
U.S. Census Bureau and the Pew Hispanic Center, Hispanics are now accounting
for 1 in 4 Floridians, when a decade ago it was 1 in 6. The fastest-growing
county with a Hispanic population is Broward, and it’s also the largest
community in Florida, representing 20.5% of the state’s total population.
Latino influence in purchasing
Knowing this data, it’s also essential to remember that Cuban-Americans are still the most prominent Hispanic group, with Mexicans being the fastest-growing, followed by Nicaraguans, Colombians, and Venezuelans.
Back in 2012, the purchasing power of Hispanics in the state boomed $212.8 billion, a 980% since 1990. All of this means that Hispanics account for 29% of consumer power in the state.
With a booming minority in the state,
Hispanics have a strong influence in the market, raising economic standards and
pushing the state into a different category of affordability and quality.
What happens next?
Since the pandemic began, many people have been moving to cheaper cities. Since services are more affordable than in other states, there was a surge coming into Florida. However, it didn’t immediately translate into price increases, but more companies decided to invest in growing industries in the state.
With all of these circumstances aligned,
Miami has become a competitive place to start investing in and building a life.
As minority groups keep growing and industries keep coming in, Miami has a
platform still raising its standards and becoming one of the best places for
having a work-life balance.
