Ending ‘Leakage’ In Black America (FCN Perspective, 12-16-2007)
NEW YORK (FinalCall.com) – A new report from Packaged Facts, “The African American Market in the U.S.,” forecasts that the buying power of 39 million Blacks will hit $1.1 trillion by 2012.
According to the report, there are 2.4 million affluent Black households with incomes of $75,000 or more. This group accounts for 17 percent of all Black households, but 45 percent of total Black buying power, the report said.
“Data shows that companies offering luxury items and financial services are at a particular advantage, because affluent African Americans are even more likely than other affluent cohorts to spend money on luxury items such as cruise-ship vacations, new cars, designer clothes, as well as investing in life insurance,” researchers said.
“The African American cohort continues to be a significant consumer segment that in some ways exercises more economic clout than the ever popular Hispanic one,” said Tatjana Meerman, publisher of Packaged Facts. “African Americans’ purchasing behaviors can differ in many ways, ranging from what is bought at the grocery store to clothing style and magazine preferences. Marketers should pay attention to these differences to execute marketing campaigns that target the many segments of this important demographic cohort.”
“The African American Market in the U.S.” offers a demographic analysis of the population and an assessment of social and economic trends affecting Blacks. The report, released Feb. 6, also analyzes how Blacks spend leisure time. Packaged Facts publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products.