A new University of Georgia report shows African-Americans have increased their purchasing power in the state of Georgia.
Georgia remains the 5th largest African-American Consumer Market in the U.S. But according to a report produced by UGA’s Selig Center for Economic Growth, African-american purchasing power in Georgia has risen to more than $73 billion dollars a year. That’s compared to about $66 billion in 2010. Jeff Humphreys serves as UGA’s director of economic forecasting.
“So we have seen some growth even in recent years despite the great recession.”
And Humphreys says nearly 22 cents out of every dollar spent in Georgia is by an African-American consumer. He says that’s compared to about 8.5 cents nationally.
“So this is a very compelling market for companies targeting African-American consumers, whether with existing products, product development or advertising.”
Humphrey’s attributes the increased buying power to population growth, rising levels of education and a high amount of entrepreneurial activity among African-Americans.