Columns:: Annual analysis of minority buying power reports dramatic increase in disposable income for all groups

since 12/15/98

Columns::July 15, 2002

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Annual analysis of minority buying power reports dramatic increase in disposable income for all groups

By Jim Kvicala
news@terry.uga.edu

Jeff Humphreys

Last week, the Selig Center for Economic Growth released its annual minority buying power report. “The Multicultural Economy: Minority Buying Power in the New Century” includes estimates and projections of buying power for African Americans, Asian Americans, Hispanics, Native Americans and whites for 2002, with historical data back to 1990 and buying power estimates for each category through 2007.
Authored by Selig Center director Jeff Humphreys, the report estimates buying power by applying economic modeling and forecasting techniques to data from U.S. government sources. The Selig Center’s model combines statistical methods used in economic forecasting with those of marketing research.
The study offers estimates of nationwide buying power and state-by-state breakdowns for each of the nation’s four most populous minority groups. The report also offers breakdowns for Georgia’s 159 counties and eight metropolitan areas, as well as Florida’s 67 counties and 19 metropolitan areas.
Interesting revelations from this year’s report include:
• California is the highest ranked state in the United States in terms of total buying power for every minority group except African Americans (New York was number one in that category; California was number two).
• Hispanic buying power in California is an estimated $170.7 billion, almost twice that of second-ranked Texas.
• Hispanic buying power is increasing faster nationwide than that of any other minority group.
• Based on its size, growth rate and concentration, Georgia is the nation’s most attractive African-American market. Nineteen cents of every consumer dollar spent in Georgia is spent by African Americans.

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