Hispanics and Asians were hit particularly hard by the Great Recession. Still, their buying power is expected to grow rapidly during the next several years. That is according to the annual buying power report released by the Selig Center for Economic Growth in the University of Georgia Terry College of Business.
The report projects the combined buying power of racial minorities (African Americans, Asians and Native Americans) will rise from $1.6 trillion in 2010 to $2.1 trillion in 2015, accounting for 15 percent of the nation's total buying power. The buying power of Hispanics, which is considered an ethnic group and not a racial group, will rise from $1 trillion in 2010 to $1.5 trillion in 2015, accounting for nearly 11 of the nation's total buying power.
The report defines buying power as disposable income or money that is available for spending after taxes.