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 at the University of Georgia’s 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.
“The thing that strikes me over the last several years is the growth and resiliency of the Asian consumer market,” he said. “They weathered the Great Recession very well, and expanded briskly in its wake. There are a number of factors for this, such as high levels of educational attainment on the part of the a consumer, which shielded them from Great Recession and allowed them to take advantage of the economic recovery even though it’s been slow.”
The report outlines where and how minority groups spend their money, highlighting trends that can help U.S. businesses move beyond their intuitive approaches to targeting clientele.
It also includes statistics on the nation’s total buying power, which will climb to $12.4 trillion in 2013, thanks to an expansionary economy that’s perking up post-recession. The market is up 70 percent from 2000 and 12 percent since 2010.
To download a copy of 2013 The Multicultural Economy, visit www.terry.uga.edu/selig.