The youthfulness of the African-American population skews the group’s buying power downward, as a larger share of the population have yet to hit their peak earning years. 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.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.“The economic expansion has been quite good in recent years, and we’re still seeing the benefits of that for every group in America,” said Jeff Humphreys, Selig Center director and author of the report.
Through its range of projects—major economic impact studies, economic forecasts, information services and data products—the center’s efforts help inform business decisions and public policy directions. Newswise — Every racial and ethnic minority group in America is making financial gains but not at equal rates, according to the latest Multicultural Economy Report from the University of Georgia.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. Black buying power currently stands at over $1.1 trillion and is on the road to hit about $1.5 trillion by 2021. “We’re seeing many more African-Americans starting and expanding their own businesses, with the number of black-owned firms growing 34 percent between 2007 and 2012 alone,” Humphreys said. audience. Black buying power increased 98 percent from 2000 to 2016 and will comprise 8.8 percent of the nation’s total buying power in 2021, according to the Selig Center. Whites comprise the largest share of the U.S. market, but have the slowest percentage rate of buying power growth.”While buying power is increasing across the country, the biggest gains come from Western states. Chinese-Americans (except Taiwanese) are second in terms of buying power, making up 23 percent of the U.S. Asian market ($233 billion) but are the largest population. We find the largest percentage increases in the Asian and Hispanic markets, followed by relatively slower rates of growth in the African-American and Native American populations. Puerto Ricans are second-largest group in terms of buying power, commanding $158 billion or 10.3 percent of the Hispanic market. Central Americans are the third largest, with a $137 billion market share or 8.9 percent of the total. All have flourishing African-American consumer markets, but none is among the nation’s 10 largest black consumer markets.Ranked by the growth of Native American buying power since 2000, the top 10 states are Texas (279 percent), Rhode Island (264 percent), Pennsylvania (247 percent), New York (241 percent), Maryland (234 percent), Massachusetts (233 percent), Illinois (230 percent), Virginia (228 percent), Delaware (225 percent) and Utah (224 percent). South Americans rank fourth, with 8.7 percent ($135 billion) of the U.S. Hispanic market, and Cuban-Americans are fifth, accounting for $83 billion.The 10 states with the greatest Hispanic buying power growth since 2000 are North Dakota (656 percent), South Dakota (513 percent), Arkansas (370 percent), South Carolina (368 percent), Tennessee (351 percent), Maryland (340 percent), Oklahoma (332 percent), Montana (330 percent), Pennsylvania (327 percent) and Kentucky (322 percent). In doing so, the Selig Center has become the Terry College of Business’s most visible public service unit.Newswise gives journalists access to the latest news and provides a platform for universities, institutions, and journalists to spread breaking news to their Women’s Annual Consumer Spending in Select Regions and Countries (2019)3 However, there is a global gender gap in average buying power between women and men.4 1. 265 Turkey Sag Trail, Suite 102, #110, Palmyra VA 22963 Majority of US Shoppers Will Turn to Digital for Holiday Shopping Needs This YearDel Monte CMO Elana Gold on Grocery Shopping, the Pandemic and Pink PineapplesThe Pandemic Has Driven Boomers to Increase Their Digital ShoppingWhat Digital Shopping Habits in the UK May Look Like Post-Pandemic Q&A: Stephanie Dlugopolski of Johnsonville Sausage Talks Social ListeningWhy Small Businesses Could Benefit from the Launch of Facebook ShopsWestern Europe to See $10.83 Billion More in Ecommerce Sales than ExpectedDigital Ad Spending in Latin America Is Growing Despite Market VolatilityData and Analytics Have Helped Peace Out Skincare Pivot During the Pandemic Will Big Ecommerce Players Be the Biggest Winners in Germany?Unlocking the Total Customer Experience | Sponsored ContentHow Live Streaming Commerce Took Off in China During the PandemicFrance and Germany Digital Ad Spending Update Q2 2020Out-of-Home Advertising Is Becoming More Digitally DrivenPeacock Reported 10 Million Sign-Ups, but Marketers Should Keep an Eye on Time Spent The Pandemic Puts the Spotlight on a Rising Esports Industry The Emergence of Luxury Fitness.The Weekly Listen: Twitter Hack Fallout, Ranking Social Issues and Instagram's TikTokIn 2017, the race with the most buying power in the US was white, with over $10,000 in disposable personal income. Black buying power African-American buying power has seen impressive gains since the end of the last economic downturn, jumping from $961 billion in 2010 to an estimated $1.3 trillion in 2018.
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