The Shifting Economic Power in the USA
- The Census Bureau estimates that minorities, both arriving from abroad and born in the United States, will account for nearly 90 percent of the total growth in the U.S. population from 1995 to 2050.
- $3 trillion is the number being reported as ‘Buying Power’ of African American, Hispanic American, and
- Asian American-owned businesses. 6.1 million women-owned businesses have $3.6 trillion in sales, a revenue growth of +436%.
Until now, the strongest force behind supplier diversity programs was the U.S. Federal Government, which continues to be the single largest customer for minority and small, disadvantaged businesses.
Increasingly, however, global brands are recognizing the strong potential for supplier diversity programs to help them grow their businesses—whether through increased market share among emerging customer bases, stronger share price, faster innovation cycles or more intangible measures such as brand awareness and loyalty.
At the same time, the field of managing supplier diversity programs is still in its infancy—with little or no agreement or standardization of best practices, processes and systems.
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