Minority Population, Spending Increase
By Staff -- Gifts & Decorative Accessories, 4/1/2006
The buying power of minorities is increasing rapidly, and it's a change savvy retailers will want to note when making purchases in future markets by paying attention to product that addresses diversity and culture. Already a potent force in the marketplace, minorities accounted for $2 trillion in spending last year, according to estimates made by the Terry College of Business at the University of Georgia. The college's Jeffrey Humphreys forecasts that by 2010, the buying power of blacks and Hispanics in the United States will exceed the GDP of Canada, the ninth largest economy in the world.
