Latino spending power reflected in travel market

Whether it's a trip to my homeland Buenos Aires for the holidays or a quick getaway to Catalina Island on a weekend, there's one thing that's certain: Latinos are not staying indoors.

Whether it's a trip to my homeland Buenos Aires for the holidays or a quick getaway to Catalina Island on a weekend, there's one thing that's certain: Latinos are not staying indoors. 

They are adventurous and they love to travel and visit new places. It makes me wonder: Has the sluggish economy really had an impact on Latinos and travel?

During recent outings with family, I was one to scan my surroundings. The young couple holding hands in Aruba?  Latinos. The family of four laughing up a storm while sharing a slice of pizza at Legoland in San Diego? Latinos. 

According to the latest statistics by the US Travel Association, there are roughly 16 million Hispanic adult leisure travelers. They took a combined 50 million domestic and outbound trips, spending nearly $59 billion on travel. This number is expected to skyrocket as the Latino population continues to rise. Not only do we work hard, but we play harder.

The overwhelming numbers shouldn't come as a surprise. Hispanics value time spent with friends and relatives; it can be as simple as a carne asada on a Sunday afternoon at the park to more luxury vacation spots in Europe. After all, this is how we bond and create memories. Growing up, most of conversations with mama began with “Remember when …”

Through my travels with my family, I spread the joy of being a Latina. At the same time, I'm contributing to the economy's piggy bank by way of airlines, hotels, car rentals, theme parks, and much more.

Advertisers are taking notice. And because we're the fastest-growing minority market, there's future business ahead. As more Hispanics gain increasingly disposable wealth, they are more prone to leisure activity. The Hispanic buying power in California alone is about $228 billion. How many trips can that buy you?

Let's crunch more numbers. Recent stats suggest that US Hispanic spending growth dwarfs the general market. While the general public as a whole continues to tighten their belts, Hispanics continue to loosen their wallets including a 14% increase in entertainment spent on fees and admissions.

Do you know where will you be next weekend? There is a lot to do and see, and we, mi gente, are going by the masses … Somos latinos y nos gusta vivir nuevas experiencias!

Roxana Lissa is CEO of RLPR.

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