I thought this would be an interesting debate topic.
I recently read an article that expects Hispanic buying power to increase from 1 Trillion dollars this year and grow to more than 12 Trillion dollars.
This will have devastating effects on the following groups.
Whites - will loose considerable economic spending power (as the Hispanic population grows and starts to consume more, the percentage of the consumer spending market that whites currently dominate will continue to shrink over time.)
These changes will drastically effect Marketing spending and the images popularized of what it means to be an America
Blacks - will loose considerable economic spending power, which has often been used to wield political power. The percentage of consumer spending in the US will fall as a total percent of spending.
These changes will drastically effect Marketing spending and erase the increasing gains Blacks have made to be included in mainstream America.
Groups that stand to benefit over the next few years from this shift in consumer spending.
Hispanics
Asians - Asian are the forgotten group, but in reality they pose the largest threat to the current dominance of White spending power. Asians, will eventually come to challenge, the future dominance of the Hispanic buying power. The reasons are listed below
1. Asian on average or twice as educated as whites
2. Asian on average have the highest incomes
3. Asian small businesses despite having a significantly smaller size make up more than 50% of sales and that will continue to increase.
4. Asian on average have the highest education attainment in the country
5. The number one reason Asian will dominate America in the future is the high rate of growth the population will experience.
Now, these two groups combined will probably double the amount of purchasing power Whites will have, but at no point will either of these groups come to actually lead the nation largest group in spending power.
What it looks like now
Total Spending 11,900 Trillion Dollars
Whites 9,600 81%
Blacks 1035.3 8.7%
Hispanics 1071 9.0%
Asians 571 4.8%
What it will most likely look like in 20-30 years (assuming consumer spending grows at the conservative rate of 10% each year)
Total Spending 35,700 Trillion Dollars
Whites 17,850 50%
Blacks 1,785.3 6%
Hispanics 12,495 35%
Asians 3,213 9%
It is all very possible
Read these
Hispanics will top all U.S. minority groups for purchasing power by 2007, according to annual buying power study from UGA's Selig Center for Economic Growth
No parallels between buying power and wealth: blacks have more money available but should save, not spend | Black Enterprise | Find Articles at BNET
Asian Facts and Figures
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skin color, that would include blacks too lol
