Latin America: Low-Income Millennials Present Big Market Opportunities

Hardly a day passes without a new article on how businesses are analyzing the needs, wants and spending trends of millennials. In the US alone, millennials (or Generation Y), those born between 1980 and 2000, represent 30 percent of the population. By 2025 they will be 75 percent of the workforce.The impact that millennials are starting to have on the global economy, the environment, and politics is enormous.

But “millennial mania” is dominated by studies, research and marketing efforts that focus on affluent individuals. Meanwhile, in Latin America and the Caribbean a market of 77 million low-income millennials goes almost unnoticed.

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Americanizados and Hispanos Lead the Growth of Hispanic-Owned Businesses and Self-Employment

Latinos are introduced to an entrepreneurial spirit and an enterprising nature during childhood. Good deeds and chores done well are rewarded with coins, or the coveted $1 bill. And summer time means earning "spending money," garnered by spending hours mowing lawns, selling lemonade, peddling candy and cookies, or unloading once-loved toys at garage sales.

The innocent desire to earn pocket change matures, and those children later become entrepreneurs who developed much-needed Hispanic businesses, helping to spur economic growth in U.S. markets.

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