Ethnic Buying Power: Population Growth and Income Infographic
By Martha C. Rivera, Director, Strategy and Insights
The estimated buying power that U.S. multicultural consumers will attain by 2015 is more than three trillion dollars. Marketers have realized long ago that the buying power of the Hispanic population grows significantly from year to year. However, many are not aware that the buying power of some other minority population segments, particularly African Americans and Asian are also on the rise. It has been estimated that the Hispanics buying power will increase by 50%, while the African Americans and Asians spending power will grow by 25% and 42% respectively. The resulting disposable income should spark the interest of marketers in their brand’s minority audiences.
“The enormous growth of the disposable income amongst multicultural segments of population is something that marketers across the country should realize in order to explore creative ways to reach out to these important population segments. The figures shown in the attached Infographic speak by themselves,” said George L. San Jose, president and chief creative officer of The San Jose Group.