The Selig Center projects that the nation’s Native American buying power will rise from $19.7 billion in 1990, to $39.1 billion in 2000, to $61.8 billion in 2008, and to $84.6 billion in 2013. This group’s buying power in 2008 will be 213 percent greater than it was in 1990.
The 1990-2008 percentage gain is much greater than the increases in buying power estimated for whites (139 percent), for the U.S. population as a whole (151 percent), and for blacks (187 percent). It is smaller than those estimated for Asians (337 percent) and for Hispanics (349 percent), however. Despite this fast-paced growth, Native Americans will account for only 0.6 percent of all U.S. buying power in 2008, up only slightly from their 0.5 percent share in 1990, when they accounted for only $19.7 billion in buying power.
Added reinforcement comes from the fact that the Native American population is growing much more rapidly than the total population, and is expected to continue to do so. From 1990 through 2008, the Native American population will grow by 45 percent, outpacing the projected gains of 28 percent for the black population, 22 percent for the total U.S. population, and 16 percent for the white population. Also, the Native American population is relatively young. The 2006 American Community Survey indicates that the median age of Native Americans is 31.2 years compared to 40.6 years for non-Hispanic whites and 36.4 years for the total population.
Entrepreneurial activity is another major force powering the growth of Native American buying power. The 2002 Survey of Business Owners showed that the number of American Indian-owned firms increased by 67 percent from 1997 to 2002 whereas the number of all U.S. businesses increased by only 10 percent.
