The Latino Market
In the U.S. there are over 45 million Latinos. Of that 45 million, 30 percent or 15 million of them are concentrated in 20 major cities nationwide. Over 33 percent of New York City's total population is Latino representing over 3 million Hispanics. According to the U.S. Census, 52 percent of the foreign born population in NYC is from Latin America.
The history on projections made to the fastest growing population has superseded what many researchers expected. The current projections of the Latino population growth according to the U.S. Census for 2020 will exceed 65 million, which represents 130 percent increase, a percentage never reached by any other ethnic group in the nation.
In addition to the above statistics, there are also over 12 million undocumented Hispanics who will request the ITINs (Individual Tax Identification Number) and file income tax returns as a sign of good faith in furtherance of any future amnesty possibilities. These individuals comprise an unexploited segment of the market thereby resulting in a tremendously profitable opportunity for a Latino based franchise.