A new UGA report shows Asian-Americans are seeing the biggest gains in buying power.
While the latest Multicultural Economy report shows every demographic in the U.S. economy making gains, Asian Americans are seeming the biggest gains.
Jeff Humphreys is with the Selig Center and is the Director of Economic Forecasting at UGA.
"Their buying power is actually bigger than the annual economic output of all but 16 countries in the world, just a little bit short of Mexico's GDP. And the group's buying power is nearly a trillion dollars in the U.S.," said Humphreys.
He says Asians were among the least affected by the Great Recession, Hispanics were the hardest hit. But their buying power is also up.
"Above average growth is being propelled by increasing population, increasing levels of educational attainment, a lot of entrepreneurial activity, and a relatively young demographic," said Humphreys.
African-American buying power is seeing very fast growth, which has doubled since 2000.
"Black buying power has been a mainstay of multicultural marketing. African-Americans control about 1.3 trillion dollars in 2017," said Humphreys. "Very fast growth, a very useful demographic. African-Americans are trendsetters for young people of every race and ethnic background."
The Selig Center for Economic Growth is a unit of the Terry College of Business. The center estimates U.S. consumer buying power totaled $14.6 trillion in 2017.
