- The US’s population has increasingly become more diverse. In 1950 racial diversity was 4% of the population while Hispanic ethnic diversity was ONLY 2.1%
- By 2018 racial diversity will be 6% with Hispanic ethnic diversity being an astounding 19.1% WOW!
- While the aforementioned population diversity is remarkable, the growth of BUYING POWER (BP) diversity by American minorities is truly spectacular.
- The avg yrly growth for WHITE BP b/t 2000-2013………..5%
- The avg yrly growth for BLK BP b/t 2000-2013…………….7%
- The avg yrly growth for AM INDIAN BP b/t 2000-2013…. 0%
- The avg yrly growth for HISPANIC BP b/t 2000-2013…….1%
- The avg yrly growth for ASIAN BP b/t 2000-2013………… 4%
- The avg yrly growth for MULTIRACIAL BP b/t 2000-2013 4%
- WOW! WOW!!WOW!!!WOW!!!!WOW!!!!!
- W/O trying to attribute causality we nevertheless want to help explain BP growth where we found it. We humbly therefor offer college degree rates for our listed market segments
- HISPANIC — 6%
- AM INDNSa —0%
- BLACKS ——6%
- WHITES —–3%
- ASIANS ——7%____________
- Am Indians &Native Alaskans
With Black History Mo (Feb) in our rear view mirror, Asian Pacific Heritage Mo (May), Hispanic Heritage Mo (mid Sept to mid Oct) and Native American Indian & Alaskan Heritage Mo (Nov) are straight ahead. Given that, we have decided to prove that America is NOT that Great Melting/Smelting Pot. Instead it is a well-organized system of super segments or a pattern of puzzle pieces with each segment/puzzle piece robusting with population and BUYING POWER, growth.
As of 1950 the US’s population was blessed with a racial diversity of 10.4% and a Hispanic ethnic diversity of 2.1%. By 1975 our racial diversity was 13.2%± with a Hispanic diversity of 5.4%±(US Census Bureau). 2000 brought us diversities of 19.1% and 12.6%, respectively (See Table 1.) By 2018, the Multicultural Economy by Jim Humphreys (from the Selig Center at U of Georgia) predicted a racial diversity of 23.6% and a Hispanic diversity of 19.1% (See Table 1.) It is unlikely that Geo Washington crossing the Delaware, our Founding Fathers, Martin Luther King or even Alejandro Iñárritu (Director: Birdman) could have ever, ever envisioned such a “land of diverse opportunity”. (Mr Iñárritu would actually have to become silent and look at the forthcoming data!) With that said T–2 & 3 complete our diversity puzzle. T-2 speaks to the growth of those various population puzzle pieces from 2000 to ‘18’s projection. T-3 transitions from population diversity to BUYING POWER diversity and its growth among America’s minorities. T-2 & T-3 they detail America’s diverse population segments as they increasingly share in the “American Dream” of our vast BUYING POWER.
|T-1: US Population by % of Minorities, 2000-2018 (Selig Center)|
|T-2: US Population (in Millions) Data & Growth (Selig Center)|
|2000||2013||2018||2000-2013 Δ%||2013-2018 Δ%||2000-2018 Δ%|
|T-3: Buying Power (Billions of Dollars) 2000-2018 by Racial, Ethnic Group & % Growth (Selig Center)|
|2,000||% Tot||2,013||% Tot||2,018||% Tot||2000-2013 Δ%||2013-2018 Δ%||2000-2018 Δ%|
Table 3 gives us a very clear vision of our nation’s diversity regarding BUYING POWER (BP) & its growth. Of note is the fact that by 2013 both Black ($1.1 T) and Hispanic buyers ($1.2 T) had become members of the $1T BUYING POWER club. By 2018 also, Asians will be knocking on that door ($962 M) or will have already become club members. By comparing population & BUYING POWER stats for 2013, we learn that ONLY 2 segments have BUYING POWER %s greater than their population %s, the White and Asian segments.
Beyond the Trillion dollar club, the real story of T-3 however, is the amazing growth of BP among minorities. T-3 shows that the overall US growth of BP was 70% (or an avg of 5% per yr) from 2000 – 2013 and that the ONLY segment that had lost growth % was the White segment. On the other hand the fastest growing BP clearly came from that small % of Multiracial consumers (2.5% of the 2013 population) who had a phenomenal growth of 173% (or an avg of 12.4% per yr). While the Multiracial population is a very small % of the US population, it is growing quickly. B/T 2000-13, the Asians’ BP growth % avged 11.4% per yr. #3 in order of BP growth % is the Hispanics with an avg growth of 10.1% per yr. Blacks avg’d 5.6% growth with Whites BP growing at an avg of 4.5% per yr from 2000-13.
While we don’t pretend to answer the question of WHY one segment’s BP is greater than another, we can’t help but look to EDUCATION as at least a partial answer. According to the 2012 US Stat Abstract (quoting 2009 data) the % of population with at least a bachelor’s degree was 27.9%. Whites (alone) had a 29.3%; Blacks (alone) 17.6%, American Indian & Alaskan Natives (alone) a 13.0% with Hispanics (alone) being 12.6%. Finally, Asians (alone) had an incredible bachelor’s degree % of 49.7%. WOW! ANYQUESTIONS?