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African-American Market Growing in Strength: Study

The African-American market today is a powerhouse with buying power of more than $762 billion that offers a wide range of opportunities with some segments outpacing their Hispanic counterparts, according to new research. A report from market researcher Packaged Facts indicated that this market, driven by advances in education and employment, will reach $981 billion by 2010. "Having roughly the same purchasing power as Hispanics, African-Americans tend to be left behind when it comes to marketing and advertising because Hispanics are expected to have more rapid population growth," said Don Montuori, the publisher of Packaged Facts. "Marketers would be wise, however, to tap into the African-American segments that outpace their Hispanic counterparts, such as those with incomes greater than $50,000; owner-occupied households; married-couple families; and African-American women--all sectors which offer huge potential in the consumer goods markets." The report also revealed that African-Americans in the West and Northeast have higher average incomes than those in the Midwest and the South, and consequently account for a disproportionate share of the segment's aggregate income.



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