Tune In to Diversity | Wednesday, December 15, 2010
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Emerging Majorities' Buying Power Reaches $1.6 Trillion

Americans' buying power tops $11.1 trillion in 2010, and is projected to increase 27% to $14.1 trillion by 2015, according to the Selig Center for Economic Growth. The buying power of emerging majorities rose to $1.6 trillion in 2010, and is predicted to reach $2.1 trillion in 2015.

Hispanic Buying Power
Hispanic buying power is $1 trillion in 2010, up 108% from 2000, and is projected to grow to $1.5 trillion by 2015. Hispanics account for 11.0% of the nation's total buying power, which is less than the 15.0% of the population accounted for by Hispanics. The relatively young age of the Hispanic population, as compared to those of other races and ethnicities, means that Hispanics are less likely to be in their peak earning years, so their proportion of the nation's buying power stands to grow in the coming years.

The states with the largest Hispanic markets in terms of buying power are:
  • California ($265 billion)
  • Texas ($176 billion)
  • Florida ($107 billion)
  • New York ($81 billion)
  • Illinois ($44 billion)
  • New Jersey ($39 billion)
  • Arizona ($34 billion)
  • Colorado ($22 billion)
  • New Mexico ($20 billion)
  • Georgia ($17 billion)
Black Buying Power
Black buying power is $957 billion in 2010, up 60% from 2000, and is projected to grow to $1.2 trillion in 2015. Blacks account for 8.6% of the nation's total buying power, which is less than the 12.3% of the population accounted for by African-Americans. The Black population is nearer the average age of Americans overall, meaning they are as likely as average to be in their peak earning years. Therefore, their share of buying power is less likely than Hispanics and Asians to increase.

The states with the largest Black markets in terms of buying power are:
  • New York ($91 billion)
  • Texas ($72 billion)
  • Georgia ($66 billion)
  • California ($64 billion)
  • Florida ($63 billion)
  • Maryland ($57 billion)
  • Illinois ($46 billion)
  • North Carolina ($44 billion)
  • Virginia ($42 billion)
  • New Jersey ($36 billion)
Asian Buying Power
Asian buying power is $544 billion in 2010, up 98% from 2000, and is expected to grow to $775 billion in 2015. Asians account for 4.9% of the nation's total buying power, which is slightly more than the 4.3% of the population accounted for by Asians. Asians are a relatively young demographic, and like Hispanics, their share of buying power will grow in the coming years.

The states with the largest Asian markets in terms of buying power are:
  • California ($172 billion)
  • New York ($54 billion)
  • Texas ($34 billion)
  • New Jersey ($34 billion)
  • Illinois ($24 billion)
  • Hawaii ($23 billion)
  • Washington ($18 billion)
  • Florida ($17 billion)
  • Virginia ($17 billion)
  • Massachusetts ($14 billion)
(Source: Research Alert, 11/19/10)



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