WASHINGTON – 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
WASHINGTON – 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 9 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 9 cents out of every dollar that is spent,” the report states. It partially credits population growths as well as the growth and expansion of African American-owned businesses as the reason for the projected rise in buying power.
______
To read the rest of this article, subscribe to our digital or paper edition. For previous editions, contact us for details.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
About Post Author
