Racial and ethnic minority groups in the United States have a combined buying power of $3.9 trillion, according to a study released March 21 by The University of Georgia.
The consumer buying power of minority groups in the United States continues to rise, with the largest percentage increases in the Asian American and Hispanic markets, a new study released today by The University of Georgia reports.
“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,” according to the school’s latest Multicultural Economy Report.
Asian Americans have an estimated 6.2 percent of the total U.S. buying power, roughly $1 trillion. Asian Americans’ buying power has increased 267 percent since 2000, making the Asian American market the fastest-growing minority market in the United States.
The $1.5 trillion Hispanic market is the second-fastest growing minority market in the U.S., rising by 212 percent, or $500 billion, since 2000, the study found.
African Americans’ buying power also continues to rise, although not as fast as for Asian Americans and Hispanics. Since 2000, the African American market has seen a 114 percent increase in buying power, the study says.
“While minority markets are certainly enjoying more buying power than ever before, the rate of growth differs. 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. Whites comprise the largest share of the U.S. market, but have the slowest percentage rate of buying power growth,” said UGA economist Jeff Humphreys, author of the study. Read more about it here.