|
|
|
Consumer |
|
African, Hispanic, and Asian Americans as Consumers |
|
|
From the blog Look at what
has happened to our economy recently. Foreclosures are through the roof, major
financial institutions have failed, millions are in danger of losing their jobs,
and the stock market has crashed. So what's the good news?
The credit markets have imploded. It is much more difficult to get a home loan
or credit card. So what? Borrowing money is far less culturally acceptable in
Asian and Latino cultures, so the impact to Asian and Latino Americans of
tightened credit should be much less than the general population.
People of color have historically been dominant members of the under-served
banking community, often unable to obtain credit cards, home or business loans,
or lines of credit. Many do not even have a bank account, largely because banks
avoid placing branches in the inner-cities.
It's hard to miss something you never had in the first place.
This is not to say that people of color won't be hurt by the worsening economic
conditions. The loss of credit and stock market wealth will result in
significant job losses in every sector and will not be color-blind. But if you
weren't relying on credit from the banks, which many minorities aren't, you're
probably doing better than the rest of the population.
More
Blog
stories |
|
Virtually every major company in the U.S. wants to sell their products and services to
Ethnic minorities, including African, Hispanic (Latino), and Asian Americans.
Why? They recognize the
need for ethnic marketing because people of color are a huge source of potential
business. According to the Selig Center for Economic Growth, African, Hispanic
(Latino), and Asian Americans spent $1.6 trillion
in 2003. This is almost
triple what it was in 1990.
It is important for African, Hispanic (Latino), and Asian Americans to realize that
they have tremendous buying power and often have choices about who they buy their products
and services from. It would seem logical that African, Hispanic (Latino), and Asian
Americans should spend their money with companies who do the most for African, Hispanic
(Latino), and Asian Americans by:
-
Having a racially diverse workforce
-
Promoting African, Hispanic (Latino), and Asian Americans to the highest ranks of
management within the company
-
Having African, Hispanic (Latino), and Asian Americans serve on its Board of Directors
-
Doing business with businesses owned by African, Hispanic (Latino), and Asian Americans
-
Contributing to community-based organizations that serve the Ethnic minorities
communities
|
|
|
|
