I received my copy of The Multicultural Economy–Minority Buying Power in 2007 today in the mail from the University of GA’s Selig Center. And it confirms what I think we already know….ethnically diverse communities are key for any business! Here are a few gems:

• The states that have the greatest Black buying power are New York, Texas, Georgia, California, Florida, Maryland, Illinois, North Caroline, Virginia and New Jersey
• The states with the greatest Hispanic buying power are California, Texas, Florida, New York, Illinois, New Jersey, Arizona, Colorado, New Mexico and Georgia
• The states with the highest Asian buying power are California, New York, New Jersey, Texas, Hawaii, Illinois, Washington, Florida, Virginia and Massachusetts.
• Latino buying power will soar nearly 500 percent from 1990 to 2012, the largest increase of any racial/ethnic group. The five fastest growing Latino markets by state are Arkansas, North Carolina, Tennessee, Georgia and Nevada.
• National black buying power will rise 166 percent (from $318 billion in 1990 to $845 billion in 2007). Selig’s report says that black spend more on phone service, apparel, utilities, footwear and groceries while Hispanics spend more on groceries, phone services, furniture, gasoline, children’s clothing and footwear and Asians spend on food, housing, major appliances, telecom services, education and personal insurance.

Just a few snippets…..and further proof that great opportunities exist in ethnically diverse communities.

This entry was posted on Wednesday, August 15th, 2007 at 4:44 pm and is filed under Economics, Fund Raising & NPOs, Health System. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.