According to a University of Georgia (UGA) report, African Americans in the state of Georgia are injecting a spending boost into the economy by increasing their purchasing power. Georgia sits at the fifth spot for the largest African-American consumer markets in the United States, capping at around $73 billion per year. In 2010, Black Georgia residents spent around $66 million.
UGA’s Selig Center for Economic Growth produced the Multicultural Economy 2012 report, and Jeff Humphreys, the school’s director of Economic Forecasting, chimed in on the numbers. “So we have seen some growth even in recent years despite the Great Recession,” he said. Humphreys said that 22 cents of every dollar spent in Georgia was by a Black consumer, compared to 8.5 percent nationwide.
“So this is a very compelling market for companies targeting African-American consumers, whether with existing products, product development, or advertising,” Humphreys added. Population growth, higher levels of education, and a slew of new businesses all account for the spike in spending among African Americans.
To obtain access to the Multicultural Economy 2012 report, click here.