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Market Planning Idea
Focusing on Ethnic Minorities
The 2000 Census showed an explosive population increase among Hispanics, Asians, and blacks, with these groups now accounting for 79 million out of 281 million Americans. Collectively, these groups represent an estimated $1 trillion in annual spending power.
From 1990 to 2000, the Hispanic population surged from 22.4 million to 32.8 million — an astonishing 58 percent over the increase baseline only ten years ago. The number of Hispanics here in the U.S. is greater than the entire population of Canada, and accounts for one in every eight Americans! Chicago ranks third in the nation as far as cities with the highest Hispanic populations, with a population of 26 percent Hispanics.
The 2000 Census Bureau estimates indicated that Asian-Americans are generally better educated, and more likely to fall into upper income brackets than the average American. Asians will account for the fastest increase in buying power from 1990 to 2001, at 124.8 percent.
Black American demographics have been shifting, with a growing middle class. In Chicago, 36.4 percent of the population is black, significantly higher than the numbers of 13 percent nationwide. In 1998, nationwide, 28 percent of all black families had incomes of $50,000 or more. Married-couple families were more likely than others to be in this group, at 48 percent, with 23 percent of black married-couple families reporting an income of at least $75,000.
The black middle and upper-middle classes are increasingly affluent, educated, and professional. A study completed by the U.S. Bureau of Labor Statistics indicates professional gains up to 470 percent from 1972 to 1991 in areas such as accounting, engineering, computer programming, law, medicine, journalism, and management.
Source: Adapted from StrategicBUZZ, a Chicago-based urban |
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