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Monday, November 08, 2010

Hispanic buying power expected to grow 50% in next 5 years

... according to the Selig Center Multicultural Economy study from $1 trillion in 2010 to $1.5 trillion in 2015. The report notes that the rate of growth in Hispanic buying power tops all other racial and ethnic groups as well as the rate of growth in overall buying power.

As a whole, the combined buying power of racial minorities (African Americans, Asians and Native Americans) will rise from $1.6 trillion in 2010 to $2.1 trillion in 2015, accounting for 15 percent of the nation’s total buying power

The percentage gains in buying power over 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 that minority markets will continue to grow much faster than the majority market, where buying power increased by 49 percent over the past decade.

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