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The Latest On African American Economic Prowess
From Marketing Charts.com
Affluent African Americans Making Impact on Consumer Economy
African Americans are crucial to the consumer economy, with a population of 39 million and buying power of $892 billion - a figure expected to exceed $1.1 trillion in 2012 - according to a Packaged Facts study. That increase equates to cumulative growth of 28.4% during the forecast period. Below, additional findings from the study.
Those living in the South account for 54% of African-American buying power. Other key segments:
* Residents of central cities ($430 billion, or 48% of the total)
* Married couples ($428 billion or 48% of the total)
* Households with an income of $75,000 or more ($405 billion, or 45% of the total)
There are 2.4 million African-Americans in $75K+ households, and they are…
* More likely than other affluent consumers to spend money on fashionable dress, toiletries and cosmetics, and cruise vacations
* Less likely to use the internet to plan shopping trips, gather information for shopping, or make online purchases.
African-American consumers create a wide range of possibilities for marketers in various industries:
* Food & Beverage: 3.9 million black consumers spend $150 or more per week on groceries.
* Health & Fitness: 7.6 million African Americans said they exercise regularly at home, which opens up possibilities for marketers of exercise equipment.
* Clothing: African-American men and women represent 22% and 26% of all suit-buyers, respectively.
* Auto: Approximately 9 million African Americans plan to buy a new vehicle, accounting for more than 9% of all consumers who plan to purchase a new vehicle.
Black media continue to offer advertisers access to African-American consumers, who nevertheless also share many of the mainstream media preferences of other American viewers and readers:
* Television is a top source of media consumption, with 4 in 10 households containing 4 or more televisions.
* Spending on magazines is 6% more than the national average.
* Radio and newspapers are less popular than the average.
* Internet use is still lagging, but by 2012 penetration in the African-American community is expected to reach 62%.
About the report: “The African-American Market in the US” highlights the shopping, spending and leisure-time habits of the 2.4 million affluent African-American households with a household income of $75,000 or more. Packaged Facts has included individuals who identify in Census Bureau data as black or African American alone in their definition of African-American, regardless of whether they also identify as Hispanics.
When Your Entrepreneural Drive Kicks In DO IT RIGHT! Get the best advice and expert help to incorporate your business.
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Affluent African Americans Making Impact on Consumer Economy
African Americans are crucial to the consumer economy, with a population of 39 million and buying power of $892 billion - a figure expected to exceed $1.1 trillion in 2012 - according to a Packaged Facts study. That increase equates to cumulative growth of 28.4% during the forecast period. Below, additional findings from the study.
Those living in the South account for 54% of African-American buying power. Other key segments:
* Residents of central cities ($430 billion, or 48% of the total)
* Married couples ($428 billion or 48% of the total)
* Households with an income of $75,000 or more ($405 billion, or 45% of the total)
There are 2.4 million African-Americans in $75K+ households, and they are…
* More likely than other affluent consumers to spend money on fashionable dress, toiletries and cosmetics, and cruise vacations
* Less likely to use the internet to plan shopping trips, gather information for shopping, or make online purchases.
African-American consumers create a wide range of possibilities for marketers in various industries:
* Food & Beverage: 3.9 million black consumers spend $150 or more per week on groceries.
* Health & Fitness: 7.6 million African Americans said they exercise regularly at home, which opens up possibilities for marketers of exercise equipment.
* Clothing: African-American men and women represent 22% and 26% of all suit-buyers, respectively.
* Auto: Approximately 9 million African Americans plan to buy a new vehicle, accounting for more than 9% of all consumers who plan to purchase a new vehicle.
Black media continue to offer advertisers access to African-American consumers, who nevertheless also share many of the mainstream media preferences of other American viewers and readers:
* Television is a top source of media consumption, with 4 in 10 households containing 4 or more televisions.
* Spending on magazines is 6% more than the national average.
* Radio and newspapers are less popular than the average.
* Internet use is still lagging, but by 2012 penetration in the African-American community is expected to reach 62%.
About the report: “The African-American Market in the US” highlights the shopping, spending and leisure-time habits of the 2.4 million affluent African-American households with a household income of $75,000 or more. Packaged Facts has included individuals who identify in Census Bureau data as black or African American alone in their definition of African-American, regardless of whether they also identify as Hispanics.
When Your Entrepreneural Drive Kicks In DO IT RIGHT! Get the best advice and expert help to incorporate your business.
Get Expert Help!
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