African-American Buying Power Approaches $1.1 Trillion
News One is reporting that black buying power is expected to reach $1.1 trillion by 2015, according to "The State of the African-American Consumer Report." The report, the first of annual installments in a three-year alliance between Nielsen and the National Newspaper Publishers Association, showcases the buying and media habits and consumer trends of black Americans.
The study on African-American consumer trends found that the percentage of black people attending college or earning a degree has increased to 44 percent for men and 53 percent for women, and the number of black households earning $75,000 or higher grew by almost 64 percent.
Growth in affluence, social influence and household income will continue to impact the black community's economic power, according to Nielsen. An article at Louisiana Weekly states:
"Too often, companies don't realize the inherent differences of our community, are not aware of the market size impact and have not optimized efforts to develop messages beyond those that coincide with Black History Month," said Cloves Campbell, NNPA chairman. "It is our hope that by collaborating with Nielsen, we'll be able to tell the African-American consumer story in a manner in which businesses will understand," he said, "and, that this understanding will propel those in the C-Suite to develop stronger, more inclusive strategies that optimize their market growth in Black communities, which would be a win-win for all of us."
We're not sure (cough, cough) why businesspeople often overlook the buying power of African-American populations. Perhaps if we spent more money in our communities, advertisers would notice the loss in revenue.
Advertisers also need to realize that African Americans are not monolithic. We are extremely diverse, so dollars marked for "African-American" publications and outlets should be as diverse, not lumped into one category. Black buying power is here to stay. The question is, who wants our money?
Read more at News One.
In other news: Democrats Win Big in Ohio and Mississippi.