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African, Hispanic, and Asian Americans as Consumers

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


Consumer News
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Tools & Information

The Multi-cultural Economy 2003 - America's Minority Buying Power (Selig Center for Economic Growth, University of Georgia) - PDF
A study of minority buying power, estimated to exceed $1.5 trillion by 2008
Minority Purchasing Power - 2000 to 2045 (U.S. Minority Business Development Agency) - PDF
Estimates of minority purchasing power:  2000 to 2045
Consumer Fraud in the U.S. (Federal Trade Commission) - PDF
Shows that minorities are more likely to be the victims of consumer fraud
Ethnic consumer organizations
Hispanic Association on Corporate Responsibility
Additional links
Fortune 500 - list and links to Fortune ratings of Top 50 Companies for minorities
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