BLACK BUYING POWER: Recession and Resiliency
Despite the severe impact of the Great Recession, Blacks’ economic clout continues to energize the U.S. consumer market. The Selig Center estimates that the nation’s Black buying power will continue its dramatic rise — $316 billion in 1990 to $600 billion in 2000, to $947 billion in 2010–to $1,038 billion in 2012, and a projected $1,307 billion in 2017. | Reaching Black Consumers
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.
Blacks will have more money to spend on goods and services, according to a recent report.
The State of the African-American Consumer Report found that black buying power is projected to reach $1.1 trillion by 2015, The Louisiana Weekly reports.
With a current buying power of $1 trillion that is forecasted to reach $1.3 trillion by the year 2017*,the importance of connecting with African-American consumers is more important than ever. As detailed in a new report published by Nielsen in collaboration with the National Newspaper Publishers Association (NNPA), black consumers have notable distinctions from other consumer groups, and understanding this group critical to making lasting connections.