Despite an economy represented by high unemployment rates, a home foreclosure crisis and low consumer confidence, African-American buying power is projected to reach $1.2 trillion in 2013, according to a report conducted by the University of Georgia’s Selig Center for Economic Growth.
The report “The Multicultural Economy” published in late 2008, estimates that African-American consumers’ share of the nation’s total buying power will increase from $913 billion, resulting in a contribution of almost nine cents out of every dollar that is spent.
Despite this predication, economists believe that consumption by African-Americans will not only fall, but that African-Americans will also continue to be the brunt of high unemployment, suffer an increase in poverty and suffer from a reduction in wages and income.
“African-American consumers’ share of the nation’s total buying power will rise to 8.8 percent in 2013, accounting for almost nine cents out of every dollar that is spent,” the report states.
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1. Officials turn the Eiffel Tower lights off, as Paris goes dark following multiple terror attacks.
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2. Victims lie on the ground after an attack on Rue Bichat in Central Paris.
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3. A young woman cries at a vigil held by a local French community in Sydney.
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4. A single rose following multiple terror attacks in the French city of Paris.
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5. Players and officials have a moment of silence for victims during the Newcastle v. Central Coast round 6 A-league match.
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6. Workers wash blood off of the floor outside of Le Carillon bar.
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7. Workers wash blood off the floor outside of Le Carillon bar.
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8. A woman sends her love.
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9. Two friends hug in the wake of multiple terror attacks in Paris.
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10. Residents leave flowers for victims and their loved ones.
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11. At least 127 people were left dead following multiple terror attacks in Paris on Friday.
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12. Residents leave flowers for victims and their loved ones.
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13. Blood from the scene following the Bataclan Theatre attack.
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