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Hispanic and Asian buying power in US 'will increase in next few years' | | A new study has indicated that despite the recession, Hispanic and Asian buying power is expected to surge in U.S. in the next few years. "Despite the recession, the underlying growth trends for Hispanics
and Asians in the U.S. are still very strong," said Jeff Humphreys, director of
the Selig Center for Economic Growth in the University of Georgia Terry College
of Business, and the author of the report. "Minorities have a lot of economic
clout, and these groups in particular are experiencing growth in buying power
that greatly exceeds that of the general population," he added. The report projects
the combined buying power of racial minorities (African Americans, Asians and
Native Americans) will rise from 1.6 trillion dollars in 2010 to 2.1 trillion
dollars in 2015, accounting for 15 percent of the nation's total buying power.
Buying power was defined as disposable income or money that is available for spending
after taxes. Humphreys said the report provides businesses with a valuable planning
tool for judging start-up or expansion opportunities and for tailoring advertising,
products and media to individual market segments. Despite massive number of layoffs
and the economical loss brought on by the recession, Humphreys said that the outlook
for buying power in both groups is positive. The reason could be favourable demographic
forces - increasing population means a relatively young Hispanic population -
which means more young Hispanics are starting their careers and moving up their
career ladders. Increased entrepreneurial activity and a rising level of educational
attainment also illustrate the upward mobility of Hispanics, the report finds.
Even Asians are much better educated than the average American and therefore hold
many top-level jobs in management, professional and scientific specialties. "The
Hispanic and Asian markets in particular are expected to grow at an exceptional
rate," Humphreys said. "For businesses, the message is you don't always have to
look overseas to find fast-paced growth."
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