Image

12:00 PM / Sunday March 3, 2024

23 Jun 2013

African-American consumer spending to top $1.1 trillion by 2015

  • Facebook
  • Twitter
June 23, 2013 Category: Color Of Money Posted by:

atlanta black star

 

There are 43 million African-Americans in the United States, 13.7 percent of the total population, the second largest racial minority in the country. The median age is 32 and 47 percent are under 35 years of age.

 

Even with these impressive numbers and buying power, most mainstream advertisers are not inclusive, do not include African-Americans in media and marketing plans and have underestimated the market size.

 

The Nielsen Company study entitled “African-American Consumers: Still Vital, Still Growing,” which was commissioned by the National Newspaper Publishers Association, shows the underrepresented potential and spending power of the African-American community.

 

The report’s findings, which will be presented at the June conference of the National Association of Black Accountants Conference in Nashville, Tennessee, indicates that the African-American population is an economic force to be reckoned with, with a projected buying power of $1.1 trillion by 2015.

 

Also worth noting, the population of African-American consumers growth outpaces the rest of the population by 30 percent. Additionally, the demographic is younger, more educated and has higher incomes than commonly believed.

 

According to the study: between 2000 and 2009, the number of African-Americans attending some college or earning degrees has grown: 45 percent of men; 54 percent of women. Households earning $75,000 or more grew by more than 60 percent, faster than the rest of the population. African-American’s average income nationwide is $47,290.

 

So what does this all mean in business terms? It means African-Americans wield tremendous buying power. The Nielsen study showed numerous shopping trends, mostly for household, health and beauty, travel, smart phones and child-related items.

 

“The Nielsen report is very encouraging because it shows the African-American population is a tremendous financial asset to this country’s economic recovery,” says Calvin Harris, Jr. , President & CEO of the National Association of Black Accountants.

 

Source: blackenterprise.com

 

  • Facebook
  • Twitter

Leave a Comment

Recent News

Philly NAACP

Philadelphia NAACP News

February 18, 2024

Tweet Email Tweet Email Related Posts Philadelphia NAACP news as of Feb. 2 Philadelphia NAACP Branch News...

Color Of Money

Commentary: Carpenters Union’s apprenticeship diversity push can lead to success and job fulfilment in the construction industry

March 2, 2024

Tweet Email By Treyvon Ratcliff Hayes ABOVE PHOTO: Treyvon Ratcliff Hayes, a Philadelphia public high school graduate,...

Health

Six tips to improve sleep quality for overall well-being

March 2, 2024

Tweet Email FAMILY FEATURES Despite a rising number of people searching for the term “sleep” in 2023,...

Sports

Kansas City Chiefs win Super Bowl 2024 

February 12, 2024

Tweet Email The Kansas City Chiefs narrowly beat the San Francisco 49ers, becoming the 2024 Super Bowl champions. The...

Fur Babies Rule!

Dog grooming advice to keep pets clean and healthy

March 2, 2024

Tweet Email FAMILY FEATURESRegular grooming can keep your dog looking and smelling his or her best, but...

Seniors

‘Soaring’ over hills or ‘playing’ with puppies, study finds seniors enjoy virtual reality

February 23, 2024

Tweet Email By Terry Spencerassociated press POMPANO BEACH, Fla. — Retired Army Col. Farrell Patrick taught computer...

The Philadelphia Sunday Sun Staff