puttalam to colombo train time table

Colombo Road Distance from Fort station : 59.3 km WebFind Train/Railway schedule, railway ticket price and Railway station contact detail MADAMPE to PUTTALAM Alawatupitiya railway station 6000 Quickest way to get there Cheapest option Distance between WebPuttalam Colombo Fort Train Puttalam Colombo Fort 01:30 pm 06:45 pm Switch at Colombo Fort (Wait time: 15m) Night Mail (Colombo Fort Batticaloa) Train Colombo Find Via Hunnasgiriya, Hasalaka, mahiyanagana, Padiyatalawa and Mahaoya. Colombo Fort. The passes major cities such as Wellawaya, Bandarawela, welimada and Nuwaraeliya. Kurana railway station The route passes through Kandy and Katugastota. (2017)3.1990 VSS ()() 1992 () Bartley(2011)4.VSS VSS VSS, VSS,VSS VSS (PEFC) VSS VSS (WWF)(MSC)(RSPO) VSS (Fransen,2011) VSS VSS VSS10(UNFSS,2022) VSS (RSPO) VSS,() VSS VSS (Schleifer et al.2019) VSS 5. VSS VSS VSS VSS VSS VSS()()D. VSS 1990-2010 VSS ( 2)VSS VSS VSS ( 4) VSS(Depoorter et al.2021) VSS VSS VSS VSS VSS VSS UTZ 2020 VSS VSS VSS VSS 11 4VSS 34293335383844465656737577152()()/VSS VSS VSS VSS (ISEAL Alliance) VSS 2020 (European Commission,2022) VSS VSS 12 VSS A.VSS ( 5) 5VSS 123VSS VSS VSS VSS (Marx,2017) 1998 VSS VSS 14 VSS( 1 6) 2030 VSS 2030 (UNFSS,2016) 12()VSS (Marx and Depoorter,2021)(WWF,2017) VSS (Bartley,2010Bennett,2018)Bissinger et al. Please provide start and end railway stations as mandatory details to search for train schedules. Distance from Fort station : 76.4 km Distance from Fort station : 105.3 km )Public procurement and human rights:Current role and potential of voluntary sustainability standards.pp.132-149 In:Martin-Ortega O and OBrien CM,eds.Public Procurement and Human Rights.Edward Elgar Publishing.Cheltenham:Marx A and Cuypers D(2010).Forest certification as a global environmental governance tool:What is the macro-effectiveness of the Forest Stewardship Council?Regulation&Governance.4(4):408434.Marx A and Wouters J(2015a).Competition and cooperation in the market of voluntary sustainability standards.In:Delimatsis P,ed.The Law,Economics and Politics of International Standardisation.Cambridge University Press.Cambridge:215241.Marx A and Wouters J(2015b).Redesigning enforcement in private labour regulation:Will it work?International Labour Review.155:435459.Marx A and Wouters J(2018).Explaining new models of global voluntary reg rganizationalcan organisational studies contribute?Global 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the trade and environment nexus:Insights from a new data set.Global Environmental Politics.18(1):122139.MSI Integrity(2020).Not Fit-for-Purpose:The Grand Experiment of Multi-Stakeholder Initiatives in Corporate Accountability,Human Rights and Global Governance.See https:/www.msi-integrity.org/wp-content/uploads/2020/07/MSI_Not_Fit_For_Purpose_FORWEBSITE.FINAL_.pdf.OECD(2020).Trade policy implications of global value chains.Paris.Available at https:/www.oecd.org/trade/topics/global-value-chins-and-trade/.ORourke D(2012).Shopping for Good.MIT Press.Cambridge,MA.Oya C,Schaefer F and Skalidou D(2018).The effectiveness of agricultural certification in developing countries:A systematic review.World Development.112:282312.Ponte S(2019).Business,Power and Sustainability in a World of Global Value Chains.Bloomsbury Publishing.London.Power M(1997).The Audit Society:Rituals of Verification.Oxford University Press.Oxford.Rickenbach M and Overdevest C(2006)More than markets:Assessing Forest Stewardship Council(FSC)certification as a policy tool.Journal of Forestry.104:143147.Sabel C,ORourke D and Fung A(2000).Ratcheting labor standards:Regulation for continuous improvement in the global workplace.Columbia Law and Economic Working Paper No.185.Columbia Law School,New York,NY.Scharpf FW(1999).Governing in Europe:Effective and Democratic?Oxford University Press.Oxford.Schleifer P,Fiorini M and Fransen L(2019).Missing the bigger picture:A population-level analysis of transnational private governance organizations active in the Global South.Ecological Economics.164 106362Strathern M(2000).Audit Cultures.Routledge.London.Takahashi T(2001).Why firms participate in environmental voluntary initiatives:Case studies in Japan and Canada(PhD.thesis).University of British Columbia,Vancouver,BC.Takahashi R and Todo Y(2013).The impact of a shade coffee certification program on forest conservation:A case study from a wild coffee forest in Ethiopia.Journal of Environmental Management,130:4854.Takahashi R and Todo Y(2014).The impact of a shade coffee certification program on forest conservation using remote sensing and household data.Environmental Impact Assessment Review.44:7681.Taufique KM,Vocino A and Polonsky MJ(2017).The influence of eco-label knowledge and trust on pro-environmental consumer behaviour in an emerging market.Journal of Strategic Marketing.7:511529.Tayleur C,Balmford A,Buchanan GM,Butchart SHM,Ducharme H,Green RE,Milder JC,Sanderson FJ,Thomas DHL,Vickery J and Phalan B(2017).Global coverage of agricultural sustainability standards,and their role in conserving biodiversity.Conservation Letters.10:610618.43Thgersen J,Haugaard P and Olesen A(2017).Consumer responses to ecolabels.European Journal of Marketing.44(11/12):17871810.Traldi R(2021).Progress and pitfalls:A systematic review of the evidence for agricultural sustainability standards.Ecological Indicators.125,107490.UNFCCC(2021).Gabons Proposed Modified National REDD Forest Reference Level Conseil National Climat,Gabonese Republic.Available at https:/redd.unfccc.int/files/gabon_frl_modified_oct2021_clean_final.pdf.UNCTAD(2013).Non-tariff measures to trade:Economic and policy issues for developing countries.Available at https:/unctad.org/system/files/official-document/ditctab20121_en.pdf.UNCTAD(2019).Trade Policies and Their Impact on Inequalities(United Nations publication.Sales No.E.19.II.D.21.Geneva).Available at https:/unctad.org/system/files/official-document/tdb66_d4_en.pdf.UNCTAD(2021a).Better Trade for Sustainable Development:The Role of Voluntary Sustainability Standards.Available at https:/unctad.org/meeting/better-trade-sustainable-development-role-voluntary-sustainabilitystandards-vss.UNCTAD(2021b).The Bridgetown Convenant:From Inequality and Vulnerability to Prosperity for All.Available at https:/unctad.org/system/files/official-document/td541add2_en.pdf.UNCTAD(2022).NTMs from A to Z. WebNational Transport Commission operates a bus from Puttalam to Colombo Bastian Mawatha Bus Terminal every 15 minutes. Distance from Fort station : 130.4 km About. Bangadeniya railway station Tickets cost Rs. Kudahakapola railway station Produced by Lake House. Mangalaeliya railway station WebPuttalam / Mount Lavinia office train extended to Aluthgama. )29The economic state of Latinos in the US:Determined to thriveAs highlighted in our 2021 report,The economic state of Latinos in America:The American dream deferred,during the COVID-19 pandemic,the number of Latinas in the labor force decreased as they lost their jobs at higher rates,sometimes to take up caregiving responsibilities.Today,two out of every three Latino workers are male.Despite striving for upward mobility,Latinos are primarily overrepresented in frontline jobs and earn lower wages than their non-Latino White counterparts.They fill 16 percent of frontline-hourly and 9 percent of frontline-salaried roles in the US,compared to only 4 percent of executive and 3 percent of board positions(Exhibit 7).The labor pool runs deep Latinos have a higher proportion of immigrants than the rest of the US population.Foreign-born Latinos comprise 38 percent of the overall Latino population,three times higher than the 14 percent share of immigrants in the general US population.Among Latino workers,almost half(45 percent)are immigrants.The Latino labor-force participation in September 2022at 67 percentremains the highest amongst all ethnicities in the US.In the last decade,their participation has remained above average.The share of Latinos in management,professional,and related occupations has increased five percentage points in the last decade,reaching 25 percent.However,representation in sales and office roles decreased by 3 percent during the COVID-19 pandemic.And despite moving into more professional occupations,Latinos are still far behind when comparing their average median wage in these new roles to that of the overall US population.39Exhibit 7Latinos are overrepresented in frontlines and underrepresented in senior management roles.Latinos are overrepresented in frontlines and underrepresented in Senior Management roles.Compared to 18.3%Latino share of workforce.Source:McKinsey,Women in the Workplace 2021 Talent Pipeline analysis;423 participating companiesOtherAsianBlack/African AmericanWhite/CaucasianHispanic/LatinoFrontline hourlyFrontline salariedCorporate entry levelManagerSenior managerVice presidentSenior presidentExecBoard2.5%5.6%9.0.8.0.7.0.7.2%Representation gapPosition hierarchy16139855343596665717680838281149864444977131312998610045433211139 2020 5-Year estimates,2020 ACS data release,American Community Survey,US Census Bureau.30The economic state of Latinos in the US:Determined to thriveCOVID-19 dramatically affected the cost of living Latinos experienced economic turbulence during the COVID-19 pandemic.Almost 60 percent said someone in their household was laid off or took a pay cut.Altogether,44 percent of all Latino adults said their household lost some or all income during the pandemic(Exhibit 8).Companies changed practices that promoted diversity,equity,and inclusivity(DEI)during the pandemic slowdown,affecting Latino recruitment.These changes led to decreases in internship programs,in the number of companies partnering with organizations to recruit Latino talent,and in companies leveraging employee resource groups(ERGs).Latinos also experienced less flexibility in choosing where to work during and after the pandemic compared to the US average.By February 2022,US workers averaged 3.1 days working from their job site,while Latinos averaged 3.4 days.However,this varied by income level,with higher-paid workers having more flexibility,and low-wage workers having less.Altogether,69 percent of high-income Latinos could work from home by February 2022,compared to 66 percent of their non-Latino counterparts.Only 48 percent of lower-income Latinos could work from home,making it harder for them to juggle caring responsibilities while working.They also had to deal with increased transportation costs.Exhibit 8More than half of Latinos said they or someone in their household was either laid off or took a pay cut since the start of the Covid-19 pandemiclaid of or took a pay cut since the start of the Covid-19 pandemic.%saying each of the following happened to them or someone in their household since the coronavirus outbreak began in February 20201Asian adults were interviewed in English only.2Includes those who say they or someone in their household has been laid of or furloughed since the coronavirus outbreak began.Source:Pew Research Center Survey of US adults conducted Jan 19-24,2021.A year into the pandemic,long-term fnancial impact weighs heavily on many AmericansNet either/both4458404154HispanicWhiteBlackAsian3345293336All adultsBeen laid of/lost a job Had to take a pay cut 314428284331The economic state of Latinos in the US:Determined to thriveCorporate ladders broken rungsLatinos experienced economic turbulence during the COVID-19 pandemic.Almost 60 percent Latinos remain underrepresented in leadership and senior roles,but over-represented in entry-level and frontline positions.Around half of Latino professionals believe companies are not taking action on diversity,and over 40 percent complain of discrimination.In total,44 percent of Latino professionals have faced blatant discrimination and/or microaggressions at work.Similarly,54 percent of these professionals believe there is a lot of talk in the workplace about diversity but no policy change to make it a reality.40 For those Latinos who have moved into professional roles,further challengessuch as discrimination and lack of support for advancementhinder their upward mobility.And many feel that they have been overlooked for career advancement because of their race.In total,60 percent of Latino professionals between the ages of 18 and 34 years believe that race plays a role,while 54 percent are considering resigning due to a lack of growth or promotion opportunities.While 85 percent of frontline workers wanted to further their careers,only 55 percent actually received career opportunitiesa 30 percentage point difference.41 Latinos across all levels in the workplace are also less likely to have sponsors or mentors.Latina women are further disadvantaged by their gender,as McKinseys Women in the workplace report makes clear.For every 100 men promoted from entry-level to manager positions,only 75 Latina women are similarly promoted.Latinas and Black women are less likely than women of other races and ethnicities to say their manager shows interest in their career development.They also tend to feel less psychological safetyfor example,less than half of Latinas and Black women say people on their team arent penalized for mistakes.Just 27 percent of Latinas say a senior coworker has advocated for a raise for them.42 In addition,Latinos tend to lose representation in job levels that require greater soft skills,such as sales,negotiation,and management.Narrow and inconsistent definitions of interpersonal skills,as well as possible cultural and language differences and workplace biases,could be hindering their progress.Research has found that many employers consider Latinos to be lacking in interpersonal skills compared to their peers.43 Despite increased calls for board diversity and a strong case for the business value of diversity,less than 5 percent of board seats in Fortune 500 companies and C-suite positions are occupied by Latinos.44 In order for their leadership representation to match their share of population,this number should be four times higher.Targeted interventions could close the gap and ease hardshipsAltogether,54 percent of the wage gap exists in only 4 percent of occupations,compared to 60 percent of the wage gap in 2020,including both the gap in representation as well as pay disparity within occupations between Latino and non-Latino White workers.These range from sales managers,first-line supervisors,engineers,information technology managers to financial managers,accountants,physicians,and software developersall predominately professional roles that require a degree.45 This representation gap decreased by 23 percent compared to 40 Illiana Acosta,Dismantling barriers to career advancement for Latinos,LinkedIn,September 16,2021.41 Chris Copeland,et al.,Race in the workplace:The frontline experience,McKinsey,July 30,2022.42 Lareina Yee,et al.,Women in the workplace 2022,McKinsey in partnership with LeanIn.org.,October 18,2022.43 Maria Fernndez-Reino and Ruta Yemane,Latinos in the United States and in Spain:The impact of ethnic group stereotypes on labour market outcomes,Journal of Ethnic and Migration Studies,2021,Volume 47,Number 6.44 Sundiatu Dixon-Fyle,Kevin Dolan,Dame Vivian Hunt,and Sara Prince,Diversity win:How inclusion matters,McKinsey,May 19,2020.45 McKinsey calculations using 2020 5-Year estimates,2020 ACS data release,American Community Survey,US Census Bureau.32The economic state of Latinos in the US:Determined to thrive2019 but the wage gap between Latino and non-Latino workers in similar occupations increased by 7 percent during the pandemic.More Latino workers were hired into these roles,but there was also greater wage disparity between Latino and non-Latino workers.46 The gap needs to be closed:by breaching the gap in Latino representation and wages due to occupational mix and wage disparity,$281 billion per year in additional income could be enabled,boosting Latino workers annual aggregate income by 34 percent.47 Latinos who reskill and receive support in applying for better-paying jobs may be able to advance more rapidly,invest for the future,and increase their resilience to absorb future economic shocks.Latino workers take control of their careersAlthough Latino workers face barriers that non-Latino Whites do not,they can take actions to advance despite these obstacles.Latino workers often have a narrower professional network,and rely more heavily on close friends and family.By seeking out mentors and sponsors within their industry and across industries,they can benefit from guidance and coaching.Such mentors could include people who have enjoyed career success,and ideally they would make mentees aware of scholarships and other opportunities that can reduce the financial burden for advanced degrees such as law and medicine.By joining employee resource groups and professional associations,Latinos can also benefit from career development and skills training programs.Companies can also play a role,by offering mentorship and reskilling programs,and by ensuring employee resource groups include professional development in their initiatives.Finally,Latinos can commit to mentoring and sponsoring the next generation,passing on their advice and helping others succeed.Latinos are looking for opportunities to make their markLatinos are eager to advance in their careers and are looking for opportunities to make their mark.Organizations and firms with a long-term vision and commitment to growth,backed by proactive,deliberate,and sustainable actions,are helping them close these gaps.We have outlined four broad opportunities where companies are already taking action.Corporations and Latino-focused institutions are partnering to support Latino talent attraction.For example,the Association of Latino Professionals for America(ALPFA)partners with corporations and hosts an annual career convention.This organization,established in 1972,was the first national professional body for Latinos and offers educational support programs,workforce development,and leadership skills development and opportunities.48 According to its website,the ALPFA has more than 100,000 professional and student members across the US,who have access to more than 50,000 paid summer internships via hundreds of Fortune 1000 corporate partners.Latinos are looking to re-skill to advance in their careers.Organizations are offering renewed educational programs with a strong focus on digital and analytics.The Latino Center of the Midlands educational initiatives,such as English-language learning,Spanish literacy,technology basics,and US citizenship preparation,is one such organization that supports Latino workers to land better-paying jobs.49Institutions are also partnering with universities and Hispanic-serving institutions to build a Latino talent pipeline.Google has partnered with the Hispanic Association of Colleges and Universities(HACU)career readiness initiative.The$2 million investment aims to help Hispanic-serving institutions train 200,000 Latino students in digital skills by 2025 by offering 46 McKinsey calculations using ACS data survey.This finding may be affected by calculations,which looked at only US-born Latinos and did not consider immigrants.47 McKinsey calculations using 2020 5-Year estimates,2020 ACS data release,American Community Survey,US Census Bureau.48Connecting Latino Leaders for impact,Association for Latino Professionals for America(ALPFA).49Cultivating a generation of engaged,thriving Latinos,Latino Center of the Midlands.33The economic state of Latinos in the US:Determined to thrivea semester-long,in-person and online digital skills program to help students get career-ready.50 And Coca-Cola has long partnered with the Hispanic Scholarship Fund to create scholarships,support educational advancement,and promote higher education.52 Vulnerable workers can benefit from partnerships and initiatives to minimize the impact of economic downturns.United Way of King County in partnership with the Homeless Employment program at Casa Latina is a non-profit organization advancing the power and well-being of Latino immigrants through employment,education,and community organizing.Jobseekers are put in touch with employers through temporary work,and are often able to graduate to full-time,permanent employment.53 Latino business owners:Flexing their entrepreneurial muscleLatinos are one of the fastest-growing entrepreneurial groups in the US,despite owning a smaller percentage of US businesses.They are also resilient,demonstrating the ability to recover from disruptions like COVID-19.Latino entrepreneurs have deep family roots,with a quarter saying they started a business to provide a legacy for their families.However,they experience lower levels of sales and profitability than their non-Latino White counterparts,and receive less funding.Access to capital and better representation in growing sectors remain some of their main challenges72 percent of business owners rely on personal savings,family,and friends for funding.53 A change in the status quo would be greatly beneficial:if Latino businesses could access capital and expand into lucrative sectors,$2.3 trillion in revenues and more than 6.3 million jobs could be added to the economy.54 The Latino business owner:an entrepreneur at heartOver the past two decades,Latinos have become the most entrepreneurial group in the US,with the number of new Latino entrepreneurs increasing by of 3.1 percent every year since 20011.6 times the rate of new entrepreneurs compared to non-Latino Whites.This is equivalent to an 86 percent increase in the rate of new entrepreneurs between 2001 and 2021.55Yet this entrepreneurial spark is not necessarily reflected in business ownership statistics.While Latinos make up 19 percent of the population,they own only 6 percent of the approximately 5.8 million employer firms in the US,and 15 percent of the 26 million non-employer firms or sole proprietors.An accurate demographic representation would see Latinos owning at least three times the number of current firms and creating about 750,000 new employer firms.56 Latino businesses are predominately in lower-growth industries Since 2007 there has been a reasonably stable share of Latino-owned firms across sectors,with growing representation in the construction,accommodation,food services,professional,scientific and technical services,administration,support and waste management,and finance and insurance industries.57 New Latino-owned firms,however,are overrepresented 50 Grow with Google,Hispanic Association of Colleges and Universities(HACU).51Coca-Cola,Hispanic Scholarship Fund(HSF).52 For further information see Casa Latina website.53 Ingrid Milln,Nick Noel,Lucy Prez,and Alfonso Pulido,US Hispanic and Latino lives and livelihoods in the recovery from COVID-19,McKinsey,September 2,2020.54 McKinsey analysis usingAnnual business survey 2019,US Census Bureau.55Current population survey,US Bureau of Labor Statistics,April 2022.56 McKinsey analysis usingAnnual business survey 2019,US Census Bureau.57Survey of business owners 2012,US Census Bureau;Annual business survey 2018,US Census Bureau;Annual business survey 2019,US Census Bureau.34The economic state of Latinos in the US:Determined to thrivein lower-growth industries(such as construction,accommodation,and food services)and underrepresented in high-GDP sectors such as real estate,rental and leasing,manufacturing,finance,and insurance.58In addition to the disparity in revenue,Latino employer firms are on average less profitable than their non-Latino White counterpart firms,experiencing lower profitability of six percentage points over the past two years.However,this gap is closing and is down from nine percentage points in 2020.Similarly,the gap between Latino and non-Latino White firms that sustained losses also shrank from 8 percent in 2020 to 5 percent in 2021.59 Limited access to capital for business growthLatino businesses face obstacles to growth,with lower approval rates for formal funding,leading 42 percent of Latino business owners to rely on personal savings,family,and friends (Exhibit 9).Latinos also use more credit cards,bank loans,and grants than non-Latino White-owned businesses.60Only 2 percent of venture capital goes to Latino entrepreneurs,although interest is slowly increasing.Investment rates for Latino-founded companies rose only 0.4 percentage points from 2020 to 2021.The total invested venture capital in Latino-owner businesses is 2.4 times what it was in 2020.6158 Annual business survey 2019,US Census Bureau;Gross domestic product by industry group:Level and change from preceding period,US Bureau of Economic Analysis,2022.59 Marlene Orozco et al.,2021 state of Latino entrepreneurship,Stanford Latino Entrepreneurship Initiative,Stanford Graduate School of Business,January 2022.60 Ibid.61 Janice Bitters Turi,VC funding to early-stage Latine-founded startups in the US has stalled.Heres why that matters,Crunchbase News,January 26,2022.Exhibit 942%of Latinos rely on personal savings,family and friends for funding businesses.42%of Latinos rely on personal savings,family and friends for funding businesses.Funding used to start employer businesses1Top sources of fnancing sought in the last 12 months,a business can use diferent sources.Source:Stanford Graduate School of Business,2021 State of Latino EntrepreneurshipPersonal and family savingsBusiness credit cardPersonal credit cardNational bank loan/PPPHome equity loanGrantsEconomic injury disaster loan(EIDL)VCsLocal bank loanAngel investorsPrivate equityOther government-guaranteed loanFamily and friends31&$ %9%7%7%7%3%3%3%4%3%4%4%4%6%6%8!%2%Latino-owned businessWhite-owned businessFinancing types35The economic state of Latinos in the US:Determined to thriveWhen Latinos do look for funding,they primarily do so to expand their businesses,pursue new opportunities,or acquire capital assets.This occurs more often than their non-Latino White counterparts(57 percent of Latinos compared to 38 percent of non-Latino Whites).62 Generally,46 percent of Latino entrepreneurs decline to apply for further funding(compared to 34 percent of non-Latino Whites),potentially driven by Latino business owners being more averse to debt and discouraged by prior negative experiences.65 This has resulted in lower levels of debt,with 71 percent of Latino-owned firms shouldering less than$100,000 debt.64 Nonetheless,Latinos are approved for funding less often than non-Latino Whites.They are particularly penalized in most traditional funding types.Their approval rates are 25 percentage points below those of non-Latino Whites in factoring,15 percentage points in local banks,and nine percentage points in private equity.65 Weathering the COVID-19 storm:Resilience during the pandemicThe COVID-19 pandemic impacted businesses across the world,and Latino-owned firms were no exception.More than 60 percent of Latino-owned businesses had to reduce or modify their business operations during the pandemic.Of these,60 percent saw total sales drop by more than a quarter for 2020.Moreover,30 percent of them were unlikely to survive without additional government assistance.Other minority-owned businesses had a similar experience,with 65 percent of Black-owned and 69 percent of Asian-owned businesses losing sales at the same rate,and 35 percent of Asian businesses requiring additional government support.Despite the hardships,Latino businesses have shown signs of resilience,with 42 percent expected to have returned to sales levels of 2019 in the second half of 2021,and another 22 percent expecting to do so during 2022 or later(Exhibit 10).66 Closing the gaps:An opportunity to add trillions of dollars in revenue and create millions of jobsLatino employer firms are fewer in number and smaller in size than those of non-Latino Whites,resulting in a$2.3 trillion revenue gap and the opportunity to generate 6.3 million jobs.67 They earn$450 billion,about half the revenue of non-Latino White firms.Based on Latinos share of the population(19 percent),there should be three times as many Latino business owners.Instead,Latino-owned businesses make up only 6 percent of the total.Currently,Latino employer firms generate on average only$1.6 million in revenue per firm.Their relative underperformance results from a greater concentration in lower-growth industries and less revenue generation,with less profitability than non-Latino White-owned peers.Just four industrieswholesale and retail trades,manufacturing,and constructionaccount for almost two-thirds($1.2 trillion)of the revenue gap between Latino and non-Latino White businesses,or$794 billion per firm.If this gap were closed,there would be an extra 750,000 businesses,and overall,Latino firms would be stronger,more resilient,and would create millions more jobs.6862 Ibid.63Small business credit survey 2021,Fed Small Business,2021.64 Ibid.65 Marlene Orozco et al.,2021 State of Latino entrepreneurship,Stanford Latino Entrepreneurship Initiative,Stanford Graduate School of Business,January 2022.66Small business credit survey 2021,Fed Small Business,2021.67 McKinsey analysis usingAnnual business survey 2019,US Census Bureau.68 McKinsey analysis usingAnnual business survey 2019,US Census Bureau.36The economic state of Latinos in the US:Determined to thriveExhibit 10While Latino-owned firms were impacted by the pandemic in line with other minority firms,had their sales back to normal by mid 2021.minority frms,had their sales back to normal by mid 2021.Expected timing of sales return tonormal(i.e.2019 levels)1,2,3,(%of employer frms)Likelihood frms will survive without additional government assistance until sales return to normal1,2,%of employer frms for which sales had not yet returned to normal1Percentages may not sum to 100 due to rounding.2Data on sales recovery and frm survival expectations were drawn from questions in the optional end-of-survey module(completed by approximately 80%of respondents).This subset of respondents is re-weighted to be refective of the overall small-frm population.3At time of survey,September through October 2020.Source:Small business credit survey 2021,Fed Small Business,2021Already normal/end of 2020BlackN=726HispanicN=535AsianN=388WhiteN=4,571First half of 2021Second half of 20212022 or later4%9 )(0 !24 CBA8 )R%AsianBlackHispanicWhiteVery unlikelySomewhat unlikelyNeither likely or unlikelySomewhat likelyVery likelyWhile Latino-owned frms were impacted by the pandemic in line with other minority frms,had their sales back to normal by mid 2021.Expected timing of sales return tonormal(i.e.2019 levels)1,2,3,(%of employer frms)Likelihood frms will survive without additional government assistance until sales return to normal1,2,%of employer frms for which sales had not yet returned to normal1Percentages may not sum to 100 due to rounding.2Data on sales recovery and frm survival expectations were drawn from questions in the optional end-of-survey module(completed by approximately 80%of respondents).This subset of respondents is re-weighted to be refective of the overall small-frm population.3At time of survey,September through October 2020.Source:Small business credit survey 2021,Fed Small Business,2021Already normal/end of 2020BlackN=726HispanicN=535AsianN=388WhiteN=4,571First half of 2021Second half of 20212022 or later4%9 )(0 !24 CBA8 )R%AsianBlackHispanicWhiteVery unlikelySomewhat unlikelyNeither likely or unlikelySomewhat likelyVery likely37The economic state of Latinos in the US:Determined to thriveTaking Latino businesses to the next level Latino entrepreneurs can unlock even more potential with targeted structural interventions that are accessible and appropriate,such as the three listed below.PepsiCo is accelerating Latino business growth through a$50 million program.Juntos Crecemos aims to boost Latino-owned businesses over the next five years through donations,tailored curricula,and support.PepsiCo also launched the Impacto Hispanic Business Accelerator,which provides$10 million in funding to help 500 Latino small-food and beverage business owners recover from COVID-19.69 Telecommunications giant T-Mobile partnered with non-profit advocacy group UnidosUS to launch a digital literacy and job readiness toolkit to address the increase in online shopping.The kit helps Latino entrepreneurs harness the power of digital technologies to run their small businesses more effectively.70Further focusing on technology,Google and the United States Hispanic Chamber of Commerce are highlighting Latino entrepreneurial excellence.The two organizations joined forces to create a Latino-owned attribute available across Google Search,Maps,and Shopping,as well as financial support and skills training for business owners.Latino-owned businesses on Google are now identifiable as such,which encourages people to support them.71Retailers have recognized the value of this tailored approachTarget celebrated Latino heritage month with the launch of its Ms Que collection,which featured more than 90 products,mostly created by Latino companies and designers,that pay homage to the rich heritage and diversity of Latino culture.72 Coca-Cola has also supported Latino heritage,this year announcing a$150,000 donation to the Hispanic Heritage Fund in partnership with iHeartMedia to create year-round programs promoting Latino culture and accomplishments.73 The company has also donated$2 million in support of The Smithsonians National Museum of the American Latino and Molina Family Latino Gallery in Washington,DC.This is The Smithsonians first gallery dedicated to Latino contributions to the US,and will preview the National Museum of the American Latino,which will explore Latino achievements in art,history,culture and science.74Latino entrepreneurs can unlock even more potential with targeted structural interventions that are accessible and appropriate,such as the three listed below.69PepsiCo launches$50 million Juntos Crecemos platform to support Hispanic-owned businesses across the US,PRNewswire,August 2021.70T-Mobile enhances partnerships with LULAC and UnidosUS to bring digital literacy resources to Hispanic communities,T-Mobile,August 2021.71 Ramiro Cavazos,Abriendo caminos:New pathways for Latino-owned businesses,Google,September 2021.72Celebrating the creators,artists,and founders behind Targets 2022 Latino heritage month collection,AzFa,September 2022.73The Coca-Cola Company and iHeartMedia announce a$150,000 donation to Hispanic Heritage Foundation in support of Latino culture and youth programs,Hispanic Heritage Foundation,September 22,2022.74The Coca-Cola Company donates$2 million to National Museum of the American Latino,Coca-Cola,May 2,2022.38The economic state of Latinos in the US:Determined to thriveLatino savers:Slowly shifting from surviving to thrivingWhile Latinos share of the population and workforce continues to grow,their financial safety is not keeping pacecurrent high inflation,coupled with the impact of the COVID-19 pandemic,has exposed their vulnerabilities.Latino savers have only a fifth of the median wealth of their non-Latino White counterparts,their savings have been depleted,and their purchasing power has dropped.Their participation in assets that accumulate wealth is also lagging,particularly in real estate and retirement savings.In fact,almost half of Latinos have no retirement savings.75 It is no surprise that only 23 percent of Latinos are considered financially healthy in 2022 compared to 35 percent of non-Latino Whites.76Nevertheless,signs are encouraging as Latinos net wealth is increasing at a faster rate,from 14 percent(2013-2016)to 21 percent(2016-2019),narrowingbut not yet closingthe gap with non-Latino Whites.77 If the trend continues,Latino households could reach an average net worth of$47,000 this year.However,tight budgets and greater exposure to inflation,with first-generation savers particularly vulnerable,present serious challenges.While Latinos have about half as much debt as non-Latino White counterparts,this may be because they find it difficult to access appropriate financial products.78 Latinos are 1.7 times more likely than non-Latino Whites to be turned down for a loan,and 30 percent are unbanked or underbanked compared to their non-Latino White counterparts.79 Steady household wealth off a low baseLatino household wealth represents only 3 percent of total US household wealth,at$3.9 trillion out of$134 trillion.This lower share is driven by lower participation in assets that accumulate wealth over time,particularly real estate and the stock market.However,it has seen high growth over the past decade.80COVID-19 and recent inflationary pressures have hit Latino families hard,but first-generation ones have been more affected than those of US-born Latinos.Altogether,immigrants suffered a significant decrease in wealth since last year,potentially due to job loss or higher pay cuts,which decreased their assets and increased debt.In contrast,the assets of third-generation Latinos increased by 21 percent in 2021.81 752021 retirement confidence survey,Employee Benefit Research Institute,2021.76 Wanjira Chege,Necati Celik,Andrew Dunn,and Andrew Warren,Financial health pulse:2022 trend report,Financial Health Network,2022.77Consumer finances survey 2019,Federal Reserve,2019(median net worth).78Consumer finances survey 2019,Federal Reserve,2019(assets and liabilities).79Economic well-being of US households in 2020,Federal Reserve,May 2021.80Consumer finances survey 2019,Federal Reserve,2019.81Consumer survey,McKinsey,August 2022(n=4,400);McKinsey Global Institute analysis;McKinsey Institute for Latino Economic Mobility analysis.39The economic state of Latinos in the US:Determined to thriveLatinos relatively low asset value,lower incomes,and tighter budgets may indicate greater financial strain,which leads them to prioritize immediate needs over savings(Exhibit 11).In fact,47 percent of Latinos consider helping friends and family more important than saving for retirement(compared to 35 percent of non-Latino Whites).Overall,47 percent of Latinos have no savings compared to 38 percent of non-Latino Whitestranslating into an approximate$77 billion gap in aggregated disposable savings between Latinos and non-Latino White households.82COVID-19 and inflation have eaten into savingsThe future looks uncertain:a quarter of Latinos depleted their savings during the COVID-19 pandemic,leaving 27 percent of households with nothing to fall back on.The disproportional impact of inflation added to the inability to save,and strongly affected prices in categories that make up the most significant share of expenses,such as transport,housing,and food.83 Higher inflation has also resulted in Latinos decreasing their contribution to assets and liabilities.Having used up their savings during the pandemicperhaps to keep businesses afloatLatinos are expected to contribute 3 percent less to assets in the coming years than they used to;unlike non-Latino White counterparts who do not expect to reduce their contributions.The most significant trade-down will be an 8 percent reduction in Latinos investments in cryptocurrency and 6 percent in checking and savings accounts.Furthermore,Latinos plan to reduce their debt payments by 4 percent and personal loans by 9 percentreducing day-to-day expenditure but keeping them in debt for longer.84 And with 60 percent of Latinos having no retirement accounts because of a shortage of savings,they face an unsure future.85 82Consumer expenditure survey 2021,US Census Bureau,US Bureau of Labor Statistics.83Consumer price indexSeptember 2022,Bureau of Labor Statistics,US Department of Labor,October 13,2022.84Consumer survey,McKinsey,August 2022;McKinsey Global Institute analysis;McKinsey Institute for Latino Economic Mobility analysis.85Consumer survey,McKinsey,August 2022;McKinsey Global Institute analysis;McKinsey Institute for Latino Economic Mobility analysis.Higher inflation has also resulted in Latinos decreasing their contribution to assets and liabilities.40The economic state of Latinos in the US:Determined to thriveFewer places to put their money Limited access to financial products further hinders Latinos financial health.They face a significant gap in asset diversity and total value compared to their non-Latino White counterparts,exacerbated by their lower income levels(Exhibit 11)and lower rates of home ownership.86 Latino adults remain underserved by financial productsthey are three times more likely not to have bank accounts,and they are 2.3 times more likely to be underbanked than their non-Latino White counterparts,relying on alternative financial services such as payday loans,money orders,and pawn shops.87 Affordability,lack of service,and poorly targeted advertising are all reasons why Latinos might not have bank accounts.88 In addition,those who do have bank accounts are slightly less satisfied with their products compared to non-Latino Whites,facing greater difficulty accessing the features they need and finding branches with convenient opening hours.Financial institutions can do more to educate potential investors and savers.The proportion of Latino investors in stocks and bonds is increasing,but remains small.While a third said they couldnt afford to invest in bonds,stocks,mutual funds,or exchange-traded funds,more than half of Latinos said they didnt know what these products were,didnt know how to invest in them,or had not considered these investments.Currently,just over a third of Latinos hold investment products,from 20 percent in 2021.These figures suggest that financial services companies could benefit from tailoring their products to Latinos.Exhibit 11Low participation in wealth accumulating assets for Latino households is driven by lower incomes and tighter budgets.Low participation in wealth accumulating assets for Latino households is Average annual household income vs.consumption,$k19.7M Latino consumer units(Consumer Expenditure Survey 2021)x($4k diference in savings of a White household vs a Latino household).Source:Consumer expenditure survey 2021,US Census Bureau,US Bureau of Labor StatisticsWhiteHHLatinoHH$96.012u%2%$68.0Gap in aggregate disposable savings among Latino and White households$77BSavingsIncome consumedTax86Consumer finances survey 2019,Federal Reserve.87Economic well-being of US households in 2020,Federal Reserve,May 2021.88 Ibid.41The economic state of Latinos in the US:Determined to thriveHowever,Latino investors show a higher preference for cryptocurrency than the general US population,possibly due to the high adoption of cryptocurrency in Latin American countries or a lack of trust in traditional financial systems.89 One in four cryptocurrency owners is Latino,and 21 percent reported that they have invested in,traded in,or used this currency.Less debt,fewer credit options,and higher costs As shown in Exhibit 12,Latinos have half as much debt as non-Latino Whites do but,as is the case with Latino business owners,are almost twice as likely to be turned down for credit.They have fewer mortgages and student,or similar,personal loans,but more credit cards.Latinos generally have fewer outstanding personal loans by income bracket than non-Latino Whites,either because they had not considered applying,or because interest rates were too high.90 Their median debt amount is$40,000 and is primarily concentrated in mortgages.Latinos are less likely to own a home.91 Their median household income($55,000)is 20 percent lower than the minimum salary($68,008)needed to afford median-priced homes.92 As a result,they have high costs for housing,but less opportunity to build their wealth,and experience twice as many mortgage denials as non-Latino Whites.93 However,those who do have mortgages show different payment patterns to non-Latino Whites.In 2021,Latinos paid 5 percent more of their outstanding mortgage balances than their non-Latino White counterparts.Thirty-four percent of Latino home borrowers use alternative financing with higher costs,such as personal property loans or rent-to-own,compared to 89Consumer survey,McKinsey,August 2022;McKinsey Global Institute analysis;McKinsey Institute for Latino Economic Mobility analysis.90Consumer survey,McKinsey,August 2022;McKinsey Global Institute analysis;McKinsey Institute for Latino Economic Mobility analysis.91Consumer finances survey 2019,Federal Reserve.93 Ibid.93Homeownership rate in the United States,US Census Bureau,FRED,Federal Reserve Bank of St Louis,October 16,2022.Exhibit 12Latino families asset participation and value is lower than that of non-Latino White families.Latino families asset participation and value is lower than that of non-Latino Families holding asset(%)Median value of asset($k)1Median total asset value is not the sum of the median value of each asset category.2Cash value.3Includes installment loans of all types.Median total liability value is not the sum of the median value of each liability category.Source:Consumer fnances survey 2019,Federal ReserveWeb 2022Emerging cautiously:Australian Consumers in 2022Exhibit 2 of 10MortgagesLatino3213113823318791828803110306281551721740230200441420504552517278487499962657621246199100WhiteLatinoWhiteStudent loansCredit cardPersonal loansHousing assetsTransaction accountsRetirement accountsLife insuranceStock holdingsTotal assetsTotal liabilities42The economic state of Latinos in the US:Determined to thrive19 percent of non-Latino Whites,and pay on average 30 percent more for home purchase loans.94 Healthier debt profiles may count against Latinos,as a lower penetration of financial products lowers their credit rating.In total,16 percent of Latinos are credit invisible as they have no credit history or accounts to calculate a credit score.95 They could be further disadvantaged by a lack of financial literacy,debt-to-income ratio,and lack of collateral.As a result,they have significant personal finance needs that are going unmet,and financial institutions with tailored products may be able to better meet the needs of Latinos.Latinos have the lowest educational attainment of all major racial/ethnic groups in the US population,and therefore have less student debt 14 percent of Latino families have educational installment loans versus 20 percent of non-Latino White families.Those who do take out loans apply for lower amounts($18,000 compared to the$27,000 median student loan).In a survey of students who did not complete college,almost half of Latinos dropped out to avoid more debt(compared to about 40 percent of non-Latino Whites).96Altogether,20 percent of Latinos expressed their dissatisfaction with current financial or savings product offerings.Some of the main reasons they gave for this include:prices being too high(26 percent);not having enough money to invest(23 percent);and feeling that companies are not committed to addressing social inequities(13 percent).Despite being severely impacted by the economic downturn,Latinos indicate that they would pay approximately 16 percent more on average for better offerings.Satisfying their needs could increase their$208 billion balance by about$21 billion.97 Promoting resilience with financially inclusive interventions:What organizations are doing Latinos are looking for financially inclusive solutions that allow them to invest effectively and ensure a stable future.Three interventions can support them to meet this need.Credit unions focusing on the financial needs of Latinos and immigrants,such as Juntos Avanzamos,present in 26 states,provide a valuable service.Juntos Avanzamos based its financial products and services on their Latino customers needs.Customers learn to navigate the US financial system and have the tools they need to reach their savings goals,such as financial literacy and taxpayer identification tools.98 Predatory lending education and financial planning resources can support Latinos to smooth out income volatility.For example,Latinos using the bilingual digital platform FinHabits can access wealth-building tools,savings,and investments,and are offered long-term financial planning.The online investing service is designed for first-time savers,focusing on simplicity and access.99 Retirement benefits could be provided to more workers.The Latinos for a Secure Retirement coalition aims to empower Latino communities to become economically secure.They provide the tools,resources,and advocacy to improve retirement security for current retirees and ensure retirement security for both this and future generations.10094Millions of Americans have used risky financing arrangements to buy homes,The Pew,May 23,2022.95 Mike Hepinstall,et al.,Financial inclusion and access to credit,Oliver Wyman,January 12,2022.96 Robert Agans,Jess Dorrance,and Kate Salosky Elengold,Debt,doubt and dreams:Understanding the Latino college completion gap,University of North Carolina and Unidos,November 2020.97Consumer survey,McKinsey,August 2022;McKinsey Global Institute analysis;McKinsey Institute for Latino Economic Mobility analysis.98Helping you reach your financial goals,Juntos Avanzamos.99Heres what every Latino should know about investing,FinHabits.100 For more information,see Latinos for a Secure Retirement website.43The economic state of Latinos in the US:Determined to thrive44The economic state of Latinos in the US:Determined to thrive4.Actions to support Latino economic mobilityLatinos play a crucial role in the US economy and currently account for a$1 trillion market,despite being challenged by lower-paying jobs,less education,and the bias they face from neighbors,co-workers,and employers.Over the past year,it has become clear that Latinos,for various reasons,are also uniquely vulnerable to income disruption and predatory lending and are likely to curtail their spending more sharply than other groups.By acting now,Latinos can be supported through instability while building their resilience to deal with future shocks.They have already demonstrated resourcefulness,hard work,and creativity;now,by acting in their favor,companies can remove barriers to full economic participation.Two types of actions are needed.Committing to structural interventions that allow Latinos to compete on a more even field would build a fairer and more prosperous economy to help them close the gap in income and consumption levels.But at the same time,immediate,tactical interventions are needed now to protect Latinos as they manage tighter budgets and resources.Our previous report,published last year,remains relevant as it highlighted a large and growing minority who in many ways embody the American dream of equal opportunity,rewards for hard work,and rising prosperity over generations,but for whom that dream was deferred.Since then,for many Latinos,the situation has worsened as the impact of inflation further strains resources and budgets.Issues such as wage disparity,lower representation in higher-paid positions,access to capital for business owners,and a lack of willingness to invest in these businesses continue to headline in the 2022 report.As a result,the structural recommendations we proposed in 2021,such as better compensation and reskilling for workers,increasing access to capital,and financial inclusion to boost Latinos wealth-building,are more urgent than ever.These should be coupled with short-term interventions that respond to the current economic instability.By acting now,Latinos can be supported through instability while building their resilience to deal with future shocks.45The economic state of Latinos in the US:Determined to thriveBoxThe cumulative cost of hardshipOver the course of the report,we have identified sizeable gaps in opportunity,revenue,and spending between Latinos and non-Latino Whites,which together impact the wealth of Latino savers.Less money in means less money out.Latino workers receive$281 billion less than non-Latino Whites,as they are more likely to work in lower-paid jobs and be paid less than non-Latino White peers.1 Latino businesses make half as much revenue as non-Latino White businessesagain,as they are concentrated in lower-performing industries,with less access to capital,and are smaller in size.Additionally,there are fewer Latino-owned businesses than would be expected based on their share of population,which deepens the divide and results in a revenue gap of$2.3 trillion.2This lower income relative to population,among other reasons,results in a consumption gap of$554 billion between Latino households and non-Latino White counterparts.However,despite this lower overall consumption,Latinos are a formidable force in the marketplace.Latino households spend more than their non-Latino White counterparts at the same income level,yet their needs are not being met by brands to the same extent as non-Latino White households.Mind the gaps:Six ways to boost Latino prospectsAcross the four lenses of Latinosworkers,savers,business owners,and consumersthe right combination of structural and immediate interventions could help Latinos on the path to economic advancement and prosperity;actions that will hugely benefit the country.These interventions were explored in our 2021 report and included improving access to education,creating targeted products and service offerings,increasing access to capital,and reducing and mitigating biases.101 By building on these interventions,and by addressing the need for improved representation across society,it is possible to find ways to kickstart Latinos journey to prosperity.Representation:unlocking decision-making powerLatinos remain underrepresented in the boardrooms and C-suites of the most powerful companies in the US,making it more likely that decisions around product development,marketing,and supply chains overlook the needs of this key population.Companies who are serious about more representative leadership can set targets for inclusion with strategic interventions to develop a pipeline of Latino talent.Gender inclusion programs designed with intersectionality in mind will help ensure Latina and Black women are not left behind in the efforts to advance female leadership.Building more representative leadership also requires more inclusive workplaces;to that end,the interventions aimed at promoting Latino workers are also needed to achieve this goal.101 Ana Paula Calvo,Michael Chui,Lucy Prez,and Bernardo Sichel,The economic state of Latinos in America:The American dream deferred,McKinsey,December 9,2021.1 McKinsey calculations using 2020 5-Year estimates,2020 ACS data release,American Community Survey,US Census Bureau.2Annual business survey 2019,US Census Bureau.46The economic state of Latinos in the US:Determined to thrive Education and re-skilling:the key to workers progressLatinos are already at a disadvantage with lower education levels than other groups.They can raise their incomes and flatten structural hurdles with greater access to education.Workers can seek out opportunities to learn new skills and access mentorship and apprenticeship to support their career development.Structural interventions could include:Supporting Latinos to re-skill into higher-paid occupations.Providing resources to build strong Latino affinity or networking groups that create mentorship and sponsorship for Latino workers.Other actions include increasing Latino access to higher education and digital technologies,identifying and solving potential skills gaps,and focusing on recruiting more Latino talent.Committing to more diverse representation in leadership and at work,including greater Latino representation,allows for richer experiences and more inclusive decision-making within companies,which ultimately impacts the range of goods and services offered to consumers.Rapid remedies,mainly focusing on the impact of COVID-19 and inflation,could include:Augmenting structural interventions with shorter-term and affordable reskilling and education programs to help Latinos embrace new careers in digitalization,food,goods delivery,or logistics,including resources for the changing professional needs due to inflation and COVID-19.Stakeholders could also explore how to invest in giving Latinos access to digital technologies.Partnering with universities and Latino-serving institutions to strengthen a pipeline for Latino talent.Designing programs that minimize vulnerabilities,such as free capability-building programs,to reskill workers in professions affected by COVID-19Building a future:Providing relevant financial products and servicesLatinos have tighter household budgets,struggle to save for retirement and improve their asset base and have had to dip into savings to a greater extent than their peers.Designing and delivering products that meet their needs for value,flexibility,and cost will support their financial health.Structural interventions to improve products and services could include:Offering flexible investment and saving products that will address Latinos immediate needs as well as their future prosperity.Retirement and other financial benefits could be added to work plans to entice savers.Potential rapid remedies to protect against income volatility could include:Saving strategies and programs aimed at Latino students would support them to make prudent financial decisions as they enter the workforce.Providing financial education on credit scores,retirement opportunities,investment,and budgeting to ignite savings and investment.Latinos could protect themselves against predatory lending and high interest rates with such programs.Reworking financial institutions footprints to ensure consumers retain access even in banking deserts.102102 Banking deserts are defined as census tracts in states that have an above-average proportion of unbanked individuals,as measured by the Federal Deposit Insurance Corporation.Source:Donald P Morgan,Maxim L Pinkovsky,and Bryan Yang,Banking deserts,branch closings,and soft information,New York Federal Reserve,March 7,2016.47The economic state of Latinos in the US:Determined to thriveValue and quality:The new gold standard for Latino consumersLaino consumers are unhappy with the products offered to them,with affordability,value,and quality being the main drivers of this dissatisfaction.By addressing the reasons for dissatisfaction,companies can support their needs and potentially increase their own market share as consumers are more likely to switch brands during this time.Companies that look to add or retain new potential customers changing their behavior could consider a price-first or value-driven marketing strategy,including the following:Optimizing value propositions,including private-label goods,that would help retain customers severely hit by the economic downturn.Investing in a better understanding of Latino customers and their preferences.Companies that invest in understanding the Latino consumer can develop segmented product marketing strategies and ensure that their products are appealing,with high-quality,health,and sustainability differentiators.In many cases,this could mean modifying existing products to appeal to Latinos.Using channels Latinos prefer and designing policies to shield the consumer from rising prices,especially on basic or essential products,could also help meet their needs.Investing in tailored offerings such as food with flavors from Latin American countries and makeup with a range of tones that match the diversity of Latino population,among others,to meet the shifting needs and preferences of Latino consumers.Organizations can also support the most vulnerable consumers by catering to previously underserved populations in the channels they prefer,and by shielding consumers from price increases on basic products.Money matters:Increasing access to capital and opening business opportunitiesWhile Latino-owned businesses have shown relative resilience,many could do with additional support.
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