In preparing for the new year, store operations will want to take stock of their consumer bases. Who are their key demographics? What are the needs, and what are the best ways to reach them?

A recent study from the University of Georgia's Selig Center for Economic Growth may prove insightful to retailers. The research predicts that Latino, black and Asian American shoppers will spend $3.5 trillion on goods and services in 2015, representing their growing purchasing power as a consumer segment.

The San Francisco Chronicle notes that retailers such as Macy's are taking the news in stride by working with goods suppliers who specialize in these markets. Macy's cosmetics, homes goods and clothes departments will all receive makeovers to better appeal to these groups.

Furthermore, the growth in buying power also signifies a growth in the power of minority-owned businesses. The source added that Macy's predicts its sales of products manufactured by minority- and women-owned businesses will surpass $1 billion in the next two years.