Although the recession has hit Hispanics particularly hard, their buying power is expected to grow rapidly during the next several years, according to the Annual Minority Buying Power Report released November 2010 by the Selig Center for Economic Growth in the University of Georgia Terry College of Business. “Despite the recession, the underlying growth trends for Hispanics in the U.S. are still very strong,” said Jeff Humphreys, director of the Selig Center and author of the report. “Minorities have a lot of economic clout, and these groups in particular are experiencing growth in buying power that greatly exceeds that of the general population.” The report projects the combined buying power of racial minorities will raise the buying power of Hispanics, which are an ethnic group but not a racial group, will rise from $1 trillion in 2010 to $1.5 trillion in 2015, accounting for nearly 11 percent of the Nation’s total buying power.
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(Source: 2010 Minority Buying Power Report - the Selig Center for Economic Growth in the University of Georgia Terry College of Business.)