The Selig Center, known for its annual “Georgia Economic Outlook” forecast and luncheon (see “Events” below), has released its annual minority buying power report. “These groups in particular are experiencing growth in buying power that greatly exceeds that of the general population,” says Jeff Humphries, Director of the center. The report defines buying power as disposable income or money that is available for spending after taxes. The percentage gains in buying power during the past decade have varied considerably by race and ethnicity: 108 percent for Hispanics; 98 percent for Asians; 69 percent for Native Americans; and 60 percent for African Americans. The study projects minority markets will continue to grow much faster than the majority market, where buying power increased by 49 percent during the past decade. “The Hispanic market alone, at $1 trillion, is larger than the entire economies of all but 14 countries in the world—smaller than the GDP of Canada but larger than the GDP of Indonesia.” Humphreys describes the report as a valuable planning tool for judging start-up or expansion opportunities and for tailoring advertising, products and media to individual market segments.
For more information, an Executive Summary, and/or a copy of the report, contact the Selig Center for Economic Growth or visit the program website.