Business
African American purchasing power now projected to hit $1.1 trillion by 2015
“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.
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 this awesome 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 study offers an in-depth analysis of African-American buying habits, observes trends and provides great insight into a market segment that deserves far more attention from the corporate sector. Many organizations should revisit their outreach efforts to harness the potential of this under-appreciated market. Those efforts could become a significant pathway to economic sustainability in America.
Source: National Association of Black Accountants
