African American consumers currently have a purchasing power estimated to have reached $1.6 trillion.
The quantity of products or services that a certain sum of money may purchase at any given time is referred to as purchasing power. Every area of economics is impacted by purchasing power, from consumers' ability to buy things to investors' ability to purchase stocks to the success of a nation's economy. A currency's declining purchasing power as a result of excessive inflation may have detrimental effects on the economy.
Your money's "purchasing power" refers to how much it can be spent on. Both stock prices and the state of the economy in general are impacted by purchasing power. The purchasing power of your investments will decrease as a result of rising inflation, which means that when you need to use the money you invested, it will be worth less.
Hence, African American consumers currently have a purchasing power estimated to have reached $1.6 trillion.
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