Minority groups in the U.S. will command unprecedented economic clout this year and well into the future, according to the annual Multicultural Economy report from the Selig Center for Economic Growth in the University of Georgia Terry College of Business.
The 2013 report provides a comprehensive statistical overview of the buying power (or the amount of income left after taxes, not including savings or borrowed money) of African-Americans, Asians, Native Americans and Hispanics from 1990-2018. It includes national statistics as well as breakdowns for each state.
For example, Hispanic consumers in the U.S. will command a $1.2 trillion market in 2013—a figure higher than the entire economy of Turkey—thanks to high birth rates, immigration and an increase in Hispanic entrepreneurship.
In addition, African-American consumers will add $1 trillion to the 2013 market, Native Americans will contribute $96 billion, and Asian consumers will supply $713 billion.
As minority groups’ buying power continues to outpace the growth of the white market, these groups should see more tailored treatment from advertisers, producers and media outlets, said Jeff Humphreys, author of the report and director of the Selig Center.
via Minority buying power up in 2013, according to UGA Multicultural Economy study | Online Athens.
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