STUDY: Black Buying Power To Grow Despite Economic Woes

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From StlAmerican.com:

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.

Click here for full report.

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