U.S. Latino buying power higher than GDP of Mexico
March 3, 2017
By Cindy Barth
Latino buying power in the United States in 2016 was larger than the gross domestic product of Mexico, according to a new report from The University of Georgia’s Terry College of Business.
The school’s latest Multicultural Economy Report estimates the nation’s total buying power reached $13.9 trillion in 2016 and predicts it will hit $16.6 trillion by 2021, with minority groups making the fastest gains.
Latino buying power grew from $495 billion in 2000 to $1.4 trillion in 2016, according to the report. That accounts for nearly 10% of total U.S. buying power in 2016. The U.S. Latino market now is bigger than the economies of all but 14 countries in the world.
“As America grows more diverse, minority groups are reaping great economic dividends, and business owners would do well to pay attention,” said Jeff Humphreys, author of the report and director of the Selig Center for Economic Growth. “Minority buying power is growing at a faster pace than the white consumer market for a number of reasons, such as demographics, increases in educational attainment and entrepreneurial activity.”
In addition, African-American buying power, estimated at $1.2 trillion in 2016, will grow to $1.5 trillion by 2021, the report said. African-Americans constitute the nation’s largest racial minority market; however, the buying power of Hispanics (an ethnic minority group) is larger.
Asian-Americans make up 6% of the population and control 6% of its purchasing power. Since 2000, Asian buying power has grown 222% to $891 billion, the biggest percentage increase of any U.S. minority group.
Source: Orlando Business Journal
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