Buying Power of African American Consumers Approaching $1 Trillion in 2010
W
ith a population of 40 million and buying power approaching $1 tril-
lion in 2010, African Americans are a key segment in an economy that increasingly depends upon the needs and preferences of multicultural consumers, according to “The African American Market in the U.S., 8th Edition” by leading market rese- arch publisher Packaged Facts. “With such financial clout, marketing
efforts to reach out to African Americans are likely to increase,” says Don Montu- ori, publisher of Packaged Facts. “Major consumer products marketers have begun to align their strategies with the multicul- tural majority emerging in the U.S. and some have even indicated that multicultu- ral consumers have become their core fo- cus as they strategize and set their sights on the next ten years.” The African American population is
smaller than the U.S. Hispanic market, but the disposable personal income of both African American and Latino consumers is projected to trend comparably over the next five years, with each experiencing cumulative growth of at least 28% from 2009-2014. Packaged Facts estimates that the buying power of black consumers in the U.S. will increase to $1.2 trillion by the end of the forecast period. The African American consumer popu-
lation has been hit especially hard by the recent recession, with unemployment ra- tes for blacks exceeding that of any other major population group. Nevertheless, se- veral sources cited in the report indicate that the sense of empowerment created by the election of Barack Obama has spurred blacks to adopt a more optimistic vision of the future than that held by other Ame- ricans. This includes greater optimism re- garding their own personal finances and a general proclivity to agree that they are less likely to hold off making big-ticket purchases such as automobiles in the near future. “The African American Market in the U.S., 8th Edition” focuses on how African
The Black E.O.E. Journal
American consumers are responding to the challenges of today’s economy as they shop in department stores, supermarkets, drug stores and other retail outlets as well as online and from catalogs. The report analyzes the forces shaping the purchase decisions of African American shoppers and sheds light on key areas such as how
www.blackeoejournal.com
black consumers decide where to shop and what influences them while they are shopping. In addition, the report pays par- ticular attention to the attitudes and beha- vior of affluent African American shop- pers. For further information, please visit:
http://www.packagedfacts.com Source:
marketwire.com
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