REPORT: Black spending clout in Georgia soars
Georgia’s Black buying power, defined as total income after taxes, was $118 billion in 2020, according to the 2021 Multicultural Economy report released last week by the University of Georgia’s Selig Center for Economic Growth.
That figure trailed only Texas ($149 billion) and New York ($141 billion), and was tied with California. It grew from $67 billion in 2010.
But it was only part of a greater story about diversity in spending amid major demographic shifts, even as wealth and income disparities persist.
Statewide, the number of Black Georgians increased by 13% over the past decade, while the white population dropped by 1%, according to 2020 U.S. Census data released Thursday. Meanwhile, Georgia’s Asian population jumped by 53% and its Hispanic population rose by 32%. The state narrowly remained majority white at just over 50%.
According to the UGA report, the combined U.S. buying power of African Americans, Asian Americans, Hispanics and Native Americans has gone from $458 billion in 1990 to $3 trillion in 2020. That figure is expected to reach $4 trillion in 2025, representing nearly 20% of the nation’s total buying power.
In Georgia, over the last 10 years, Black buying power increased 78%. That was the 19th-biggest increase among states, compared with 61% nationally.
