African-American’s Buying Power Projected to be 1.1 Trillion Dollars By 2015 {Group is the second largest racial minority in the country}

african americans grocery shopping

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, found 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.

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Comment by Kevin Reynolds on January 3, 2014 at 5:12pm: We have to spend and support our community - keeping the money in our community is power. Most important, we need to start owning our own businesses and not just simply be consumers. There's power in ownership which creates not just jobs but long-term wealth for future generations.

Comment by mr1stroke on January 1, 2014 at 2:23pm: @ Dennis they look at it because blacks are the lowest when it comes to success in minority in America, we spend more but do not have much and also all we do is spend not investing, if you are okay with people spending and not elevating this is not for you, but for those who would like to make the change really need to look at it

Comment by Dennis on January 1, 2014 at 2:20pm: And why the hell are they always looking at what blacks are spending, player haters.

Comment by Dennis on January 1, 2014 at 2:19pm: This is Bull Sh???, We spend more that 1T in Strip Clubs alone

Comment by rashid rourk on January 1, 2014 at 1:53am: What good is ANY power if we don't use it to benefit our community?Cooperative economics is what we are lacking at this point.

Comment by mr1stroke on January 1, 2014 at 12:33am: @Baku you love that gay life, you have nothing to talk about i see, you so need that attention lol, but i realize you are a tranny with that pic what man put up a pic like that, but wont you come here let me stick a pine apple up yoru ass lol

Comment by Baku on December 31, 2013 at 11:43pm: @ 1Stroke you REALLY, DESPERATELY Need to be PHUCKED up your AZZ you bytch aZZ PHAGGOT!

Comment by AfricanGoddess on December 31, 2013 at 8:12pm: We need to get our minds right...

Comment by dao on December 31, 2013 at 6:19pm: Spend spend spend buy buy buy, I say think think think and pls save save save

Comment by Belinda Foster on December 31, 2013 at 8:54am: We never expand on the possibilities, power and influence that we as African Americans can do if we just band together instead of being crabs in a barrel. We just keep on making every other ethnic group rich.