Black American Purchasing Power to Reach 1.1 Trillion

African Americans are crucial to the consumer economy, with a population of 39 million and buying power of $892 billion - a figure expected to exceed $1.1 trillion in 2012 - according to a Packaged Facts study.


Those living in the South account for 54% of African-American buying power.



http://www.marketingcharts.com/tele...icans-making-impact-on-consumer-economy-3412/

http://emergingminds.org/Buying-Power-Among-African-Americans-to-Reach-$1.1-Trillion-by-2012.html

 

Affluent African Americans Wield $29.8B in Spending Power


http://www.marketingcharts.com/print/affluent-african-americans-wield-298b-in-spending-power-5970/

 

Very insightful study. It can viewed as good and bad, I think.

Numbering at 39 million yet projected to spend over a trillion by next year is mind-boggling! I wonder what the overall spending in the country is to compare the numbers. It mentions that 26% of all suit sales are AA's - now that could be because of church or jobs...don't know but that equals to 1/4 of sales vs AA making up about 10% of the population. Interesting stat of a particular item.

The fact that they spend more money on fashion, toiletries, cosmetics and cruise vacations than other affluent people is telling. Especially because only 2.5 million make $75,000 or more. (about 10% of the AA population.)

So do these numbers reflect increasing incomes of AA's resulting in more spending freedom, or that AA just spend more than others of what they do make, even if its not budget-savvy. Or could they be spending money they don't have and getting into debt? Are they saving also?

I know one things for sure - this study is a retail marketers dream.

 

it's a study of affluent black ppl( in many ways a very recent phenomenon), so it makes sense many of them will exceed their other racial counterparts, who've had experienced these already(whites/asians) or haven't reach there yet(latinos). the article expresses that these are young professionals are entrepreneurs and have the mindset of executives. their clothes are compliments to the jobs and careers they work in. i highly doubt they bought it exclusively for church.
at 75 g's, i highly doubt, they will have a debt problem, at least not more than any other race group. to me the article paints the picture of the ppl we are talking about and the legitimate reasons for their spending choices. i recommend a second reading to put your doubts at ease.

 

yeah but Im sure them mofos spending that money dont have any assets to pass on to their kids when they die....oh wait they have bills to pass on.

 

Someday I will have my own business to tap into this market however, it will not be black centric only. I think the niche I will create will have wide appeal to all people. On another note, how cohesive is "BLack Business" within that 39 million (if true) black community in America?

 

:smt038

I'd be happier if we CREATED 1.1 triliion instead of fucking it off.

 

Absolutely.

 

Should make a lot of white, Korean, and Arab businessmen very happy.

 

the article specifically talks about high earning blacks, so i don't believe debt is an issue.

 

http://www.marketingcharts.com/tele...icans-making-impact-on-consumer-economy-3412/

^the article talks about successful black ppl's spending habits, except for a couple of lines, it doesn't mention how they got their money.
so for all of you assuming, here's a way to find the truth- http://www.google.com/webhp?hl=en
you hate on successful blacks, you hate on unsuccessful blacks, when it comes to blacks, some of you are gonna.
you complain about the problem, but except for 1 poster, none of you have solution.

 

Typical of black people to pour salt on something positive damn crabs i swear

 

It is sad that the strong buying power of Blacks was not harnessed into a force to be rekoned with. If they saved part or half of that wealth no other race will push them around. Right now because of this spending Blacks are in the red instead of the Black.

 

This should start with Black owned businesses. When I shop in my neighborhood, because I'm an earthy girl who likes natural things, I tend to gravitate towards Black businesses in general. I don't like patronizing Korean owned businesses if I don't need to because I don't like their energy when I shop there and feel like I am being watched. (and I'm white). I just feel like Black owners appreciate my business more, but that's just me.

What I notice is these stores are not busy no matter when I go. I feel like in my neighborhood, people don't speak up or demand better service or quality, and while they may complain about the unfriendly businesses, continue to patronize them. Yet when I'm in my best friend's predominately white neighborhood, it's like stepping into another world.

It's hard to explain the dichotomy without going into a long post, but it's affects are real and relates to your opening sentence.

 

Don't be fooled by "high-earners" they live paycheck to paycheck like everybody else. Leveraged like a mofo.

 

how do you know, the article isn't about that...

 

and you wonder why i say there is alot of of self-hate around here.....the article specifically says 75k and above.

 

word

Asians have the worst customer service.

Real talk

 

Like people 75k and above can't be in debt or live above their means.

 

I think the unique thing about us as black people is that we still have yet to reach our true potential. We're definitely a lot more than how the public usually perceives us to be.