Hispanic Purchasing Power Expected to Boom - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Hispanic Purchasing Power Expected to Boom

Zack Lujan, President of the Amarillo Hispanic Chamber of Commerce Zack Lujan, President of the Amarillo Hispanic Chamber of Commerce
Leopoldo Mendez, Owner, Polo's Tire Shop Leopoldo Mendez, Owner, Polo's Tire Shop

Hispanics are pumping so much money in the United States, they are now the second largest economy in North America. Not only are Hispanics spending more money in the U.S. but they're also opening and owning more businesses.

The Census Bureau is now estimating that in the next few years, Hispanics will contribute more than 1 trillion dollars to the economy. That's bigger than Mexico and Canada's gross domestic product. Hispanics are also opening businesses at three times the national average.

"The larger the base you have with more spending power, the more the economy can do and the more businesses can be creative. The more jobs can be held," said Zack Lujan, President of the Amarillo Hispanic Chamber of Commerce. Lojan says a trend he has been seeing is more women standing up and opening their own businesses, defying traditional Hispanic mindsets.

"We're seeing the culture change a little bit in the Hispanic community. Where now the women are becoming leaders and starting businesses and the more that is happening, the bigger those numbers are going to be," said Lujan. Lujan says parents are now pushing their second and third generation children to pursue higher education and shoot for higher paying jobs.

One of those people is Leopoldo Mendez. He owns Polo's Tire Shop in Amarillo. "I tell my wife I'm not going to retire until I see my kids grow and go on until I see something good," said Mendez.
  

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