Business
Black women hold purchasing power in the African American population
The African-American population is, today, the largest racial minority group in America, with a population of close to 43 million. This market segment’s growth rate continues to exceed the overall population’s growth and is making continued gains in the area of education and income.
The collective buying power of the African-American population is projected to be at US$1.1 trillion by 2015.
Black women will be the primary driver of most of the purchases done in the community.
Due to trends in education, there is and has been a rising number of professional African-American women in the work force. 64 percent of African-American women are in the U.S. labor force as compared to 60 percent of non African-American women.
Additionally, the African-American community has seen growth in educational achievement at all levels, including high school, college, and graduate schools, black women make a larger proportion of African-Americans that are getting highly educated – this then translates into better employment opportunities and thus more purchasing power.
Black women are increasingly becoming the head of household and the main decision makers – this places them in a position where they have to make most of the purchases necessary for the home.
Automobiles and transportation was the only category where men were seen as having greater influence in purchases. Men and women had an equal role in deciding when to spend on electronics or social activities, but in all other areas women were the primary influencers.