Moneda Moves (168): Activating Latino Power Ahead of Small Business Saturday
Mi gente, it is officially the end of year sprint, where we take stock of the last 12 months, surrounded by people closest to us and in preparation to plan for the new year. We hope you’re able to find tranquility in this time and in the presence of community which makes us stronger.
Top of mind for us at Moneda Moves this month are two things:
How we move with intention
Latino owners of growing businesses, especially in a season where consumerism tends to be at an all-time high
Make no mistake, how we use our money in the Latino community matters. Earlier this year, we learned that U.S. Latino purchasing power is now measured at $3.4 trillion, according to the Latino Donor Collaborative. We hear these stats embodying the great power of the Latino cohort: making the fifth largest economy in the world, its growth in labor force participation, and income showing significant gains. For these reasons and more, major brands from Netflix to Target want to access our cohort. We’re growing and here to stay.
A big question for us is: How do Latinos tap in the economic power of their own cohort? This takes moving with intention.
Creating businesses that work with the Hispanic market is one way, and the guests on Moneda Moves are solid examples of this, from Hector Saldivar, Founder of Tia Lupita Foods, who is generating a healthy Mexican-inspired food brand that uses clean and simple ingredients in all their products… all the way to Beatriz Acevedo, Founder of SUMA Wealth who is creating a digital platform and products to help Latinos build wealth.
Another is how we choose to spend that hard-earned money. This holiday season, our cohort with a $3.4 trillion purchasing power and a wish list from mom, dad, la tia y el primo, will have choices to make. With holiday promotions this year starting as early as September, retailers are hoping we will make it with them. And to a good extent, the power lies with us. We can choose to spend with big retailers or local and smaller ones too. We can choose to look into the history and values a company practices, or not.
There is an important argument to be made when it comes to curbing consumerism overall in the name of environmental sustainability (a hat tip to our environmental science minor here). With household waste increasing 25% during the US holidays, it implores the question: “how much stuff do we need?”
But while we do spend, where we do it matters. This is where Latino business owners come in. U.S. small business sentiment fell for the third time in October, citing inflation and labor difficulties this year, with a fewer share of businesses reporting higher profits. While it’s been reported earlier this year that Latinos are adapting and hopeful about the future, business owners overall are feeling the effects of an uncertain year.
To that end, ahead of this Small Business Saturday and the holidays, this is a reminder to be mindful of where we spend our money: whether it’s with small business owners your support, non-profit organizations that align with your values and/or an investment for your future.
To further address the state of Latino business owners and small businesses, we will have a wrap up 2023 episode and a very special guest on Moneda Moves in the next two weeks. Set your notifications for our podcast and newsletter. No te lo quieres perder.
Con poder,
Lyanne
Thank you for joining us! Until next time, catch us here on Moneda Moves.