Hispanic Spending to Outpace Black Spending in 2007

A study at the Selig Center at the University of Georgia recently published findings projecting Hispanics to surpass African-Americans as the nation’s number one minority consumer spending demographic in 2007.

The study anticipates that Hispanics will outspend African-Americans by more than 16 billion dollars next year, with Hispanics estimated to spend $863 billion and Blacks at $847 billion. Jeffrey Humphreys, author of the study and director of the center, says that the swell in purchasing power will have a direct influence on Hispanic political presence as well.

My sense is that any advances made by minorities in this country gives reason to hope that reforms in social programming will not be far behind. However, there is a hint of caution that I believe we should approach these numbers with, as it remains unknown if the Hispanic culture and their place as the larger minority populus in the country will hasten government to direct needed resources away from predominantly Black communities.

I do think that this type of information will soon cultivate a new level of thinking regarding race relations in this country that will affect economic, political and social services. As these two minority groups will soon have an equal stake in securing the best resources, African-Americans will definitely have to ‘step our game up’ to not be forgotten in coming initiatives for education, housing, and minority entrepreneurship.

We are definitely not alone anymore.

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Published on September 5, 2006 at 10:22 am. 7 Comments.
Filed under blackonomics,inter-minority relations.