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State Diversity Impacting Purchasing Power

State Diversity Impacting Purchasing Power

By Lyric Prince

  • Black people in California and West Virginia amount to 7% and 3.5% respectively

  • The changing demographics of the U.S. are directly affected by the increasing amount of minorities and their subsequent purchasing power

WalletHub, an AI-driven personal finance site has launched a ranking tool that rivals the U.S. Census Bureau and found a direct link to diversity and purchasing power. Economic diversity, it seems, goes hand in hand with social progressiveness. This will become even more important since the majority of the U.S. population will be made up of minorities by 2044.

Why This Matters: The number one ranking state California boasts an economy that equals the GDP of France. On the other side of the token, the least diverse state, West Virginia, also ranks as one of the poorest in the U.S. Black people in CA and WV, amount to 7% and 3.5% respectively, and seem to be the bellwether for a state’s overall economic health. WalletHub’s analysis of city territories and economic power, combined with racial demographics, lends various insights into trends that disproportionately affects the Black community, such as redlining and voter registration. 

The changing demographics of the U.S. are directly affected by the increasing amount of minorities and their subsequent purchasing power

The company is known for its expansive offerings that help consumers monitor and improve their credit scores. Based on its tool used to rank U.S. states and cities diversity using dimensions such as; socioeconomics, cultural (which includes race), household and religion, we still have a lot of areas that need improvement.

Situational Awareness: With representation, the struggle is aligned to how to be counted and seen. WalletHub’s insights into raw data can help policy makers and businesses better target their plans towards Black citizens across the country. The changing demographics of the U.S. are directly affected by the increasing amount of minorities and their subsequent purchasing power.

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