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Asian Market
Written by Chamber Web Administrator   
Saturday, 27 December 2008 10:51

Minority groups' share of $10 trillion U.S. consumer market is growing steadily, according to annual buying power study from Terry College's Selig Center for Economic Growth.


THENS, Ga. -- The buying power of Hispanics -- now the nation's largest minority group -- will exceed $860 billion in 2007 and is whizzing its way to more than $1.2 trillion five ygears from now, according to an annual report on minority buyin power released Tuesday by the Selig Center for Economic Growth at the University of Georgia's Terry College of Business.

Tracking a similar course, African American buying power will total $845 billion in 2007 and is projected to top $1.1 trillion by 2012 -- a 34 percent increase over the five-year period.

Americans of Asian ancestry, representing the third largest minority group, will see their purchasing power grow almost as fast as Hispanics over the next five years. Asian buying power is forecast to grow 45.9 percent, versus 46.3 percent for Hispanics. In dollars, Asian buying power will total $459 billion in 2007, rising to $670 billion by 2012.

In 2007, the Asian population in the United States will represent 4.6 percent of the total, and Asian buying power will also account for 4.6 percent of total buying power. But the Asian population, and therefore its spending, is more concentrated geographically than other racial markets. The five states with the largest Asian consumer markets account for 60 percent of all Asian buying power. They are California ($150 billion), New York ($44 billion), New Jersey ($29 billion), Texas ($29 billion) and Hawaii ($21 billion).

Above data from:

The Selig Center for Economic Growth annual "Georgia Economic Outlook" forecast and produces commissioned studies for the state and the private sector.  

Buying Power

Currently, only three minority markets at the state level exceed $100 billion in buying power annually, and two of them are in California. Hispanic buying power comprises $228 billion in California. In Texas, Hispanic buying power totals $154 billion, followed by California's Asian market at $150 billion.

Last Updated ( Saturday, 27 December 2008 11:19 )