ACHIEVING MINORITY OWNED BUSINESS
LEVERAGE MINORITY BUSINESS
Minority Spending Power
This growth is important because minority businesses create jobs in minority communities and help build wealth among minority families. Wealthy families can buy more goods and services from corporations. What insightful company wouldn’t be interested in that?
In 2000, total purchasing power in the United States was over $6.5 billion, with white non-Hispanics accounting for nearly 80 percent of that purchasing power.
This number will drop significantly as minority purchasing power rises from approximately 20 percent in 2000 to over 45 percent by the year 2045. In fact, between 1990 and 1997, buying power in African-American, Hispanic, and Asian communities rose by 54 percent, 58 percent, and 72 percent, respectively.
This trend is expected to continue, as seen in Figure 2, with minority purchasing power surpassing $2 trillion by 2015 and $3 trillion by 2030.