|
2007 US Hispanic Purchasing Power Growth |
 Hispanic buying power in the United States will draw even with African-American buying power in 2006 – at just under $800 billion – and is projected to exceed it in 2007, according to a report on minority buying power released by the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business.
Hispanics actually surpassed blacks as the nation’s largest minority group five years ago, based on population counts. But, in terms of spending power, 2007 will mark the first year that Hispanics control more disposable personal income than any other U.S. minority group.
The Selig Center estimated Hispanic buying power will be $863.1 billion in 2007, an 8.1 percent increase over 2006, while black buying power will reach $847 billion in 2007, a 6 percent increase.
The remarkable gains in Hispanic buying power are largely explained by immigration and population growth, Humphreys said. Between 1990 and 2011, the beginning and ending boundaries of the study, Hispanic population is expected to increase 126.4 percent, compared with 15.4 percent for the nation’s non-Hispanic population.
Better employment opportunities and higher business ownership are the other driving forces boosting the Hispanic consumer market. The number of Hispanic-owned businesses grew by 31 percent between 1997 and 2002, Humphreys said, which is triple the 10 percent rate of growth for all U.S. businesses.
Additional insights from:
Georgia will become the 10th largest Hispanic market in the United States by 2006, at $12.4 billion, compared with its 1990 rank of 19th. |
|
