Minority Groups in U.S. Have Combined Buying Power of $3.9 Trillion
U.S. minorities are making financial gains according to research from the University of Georgia. The latest Multicultural Economy Report shows every racial and ethnic minority group in America is advancing, but not at equal rates. Jeff Humphreys is Director of Economic Forecasting at the Terry College of Business.
“America’s economic growth is benefiting all of the nation’s minority markets, in other words, to borrow a cliché, rising tide does lift all boats,” Humphreys said. “Especially the Asian consumer market and Hispanic consumer market are showing very impressive gains in buying power.”
The annual report calculates the consumer buying power—or total income after taxes—for minority markets in the U.S.: African Americans, Asian Americans, Hispanics and Native Americans.
The sustained growth of the U.S. economy culminated in an estimated $14.8 trillion of buying power nationally in 2018, an increase of 100 percent since 2000 and 30 percent since 2010, with the biggest percentage gains occurring in minority markets.
“A of the nation’s multicultural markets are doing quite well,” Humphreys said. “All are growing actually faster than the white consumer markets.”
The combined buying power of blacks, Asian Americans and Native Americans is estimated to be $2.4 trillion, while the nation’s Hispanics command $1.5 trillion in spending power—larger than the GDP of Australia.