|
Diversity
- A Business Need
Why Diversity Matters
The changing demographics of America’s consumer:
-
Today, people of color constitute 28% of the population.
- By 2010 people of color will represent 33% of the
population
-
Over the last decade, the Hispanic population has grown
by almost 60%., the American Indian population has grown
by 19%, the African American population has grown by
17% and the Anglo population has grown by 7%.
-
The Asian population has grown from 1.5 million in 1970
to 10.5 million in 2000
- Over the last decade, Asians were the fast growing
population at 55%
-
The U.S. population currently includes 31.6 million
people between the ages of 12-19 (Generation Y)
- Children under 19 are twice as likely as adults to
identify themselves as being of more than one race.
Workforce
Trends
-
According to the Hudson Institute, people of color represent
16% of the work force today and are projected to surpass
30% of the total workforce by 2020.
-
Women make up 47% of today’s workforce
-
Today, 69% of women with children under the age of 18
work outside the home
-
By the year 2008, almost 70% of the new entrants into
the workforce will be Women, People of Color and Immigrants.
-
The Bureau of Labor Statistics predicts that employment
will grow 14% between 1998 and 2008
- The supply of workers will grow by only 12%
- The result is a projected shortage of 10 million workers
Purchasing
Power
-
Minority consumer buying power has nearly doubled over
the last decade, growing at a much faster rate than
overall U.S. buying power
-
Collective buying power of African Americans, Asians
Americans, Latinos and American Indians has reached
$1.3 trillion
- Spending Power
-- African American: 307.8 Billion
(1990) to 645.9 Billion (2002)
-- Hispanic: 207.5 Billion (1990) to
452.2 Billion (2001)
-- Asian: 112.9 Billion (1990) to 296.4
Billion (Growth of 162%)
-
Last year, U.S. Teens spent 155 billion, 2 billion more
than 1999
Business
Results
|
