Thursday, October 1, 2015

UGA Study: Hispanics and Asians Drive ‘Fast-Paced Growth’ in the U.S.

The U.S. consumer market is increasingly driven by Hispanic and Asian consumers due to their expanding youthful populations, their educational attainments and their entrepreneurship, according to University of Georgia’s Simon S. Selig Jr. Center for Economic Growth.

According to the report that was released Sept. 24, the U.S. market is increasing by nearly $2 trillion per year with a projected total buying power in 2015 of $13.5 trillion.

The U.S. Hispanic market this year is to be $1.3 trillion, which is larger than the gross domestic product of Mexico, the report states. By 2020 it is to grow to $1.7 trillion.

The Asian market is to account for $825 billion in 2015 and grow to $1.1 trillion in 2020.

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