Buying Power of African Americans On the Rise

The buying power of African Americans in the United States is expected to increase nearly 30% to $682 billion in the next 5 years, according to The U.S. African American Market, a new research report published by Packaged Facts and available through MarketResearch.com.

According to the report, the female and affluent segments of the African American demographic are of particular import to marketers and retailers looking to establish or maintain a foothold within this demographic.

In the African American population there are 14.1% more women than men, and nearly half of the households within this demographic are headed by women, giving females a far more prominent role in consumer decisions than women in other ethnic population segments.

The U.S. African American Market also provides extensive insight into the buying patterns of the 3.7 million affluent African Americans who are projected to have a combined buying power of $292.4 billion by 2006, and the marketing strategies employed to attract them.

“Marketers have identified significant successes in targeting both the female and affluent segments of the African American population,” said Meg Hargreaves, VP of Research Publishing for MarketResearch.com.

“Luxury car makers and food and beverage manufacturers alike have focused their efforts on these market segments given the overwhelming influence they have in the market as a whole.”