Economically it seems that all of us are struggling well beyond what is necessary but those that monitor population spending- have had their eyes stayed on the Black community for awhile now. Though there are very few marketing images that reflect this target, people are buying anyway.
How do we harness this money…power to better serve OUR community? Does it matter?
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 these impressive numbers and 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 Company study entitled “African-American Consumers: Still Vital, Still Growing,” which was commissioned by the National Newspaper Publishers Association, shows the underrepresented potential and spending power of the African American community.
“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.
If Black people are one of the nation’s leading groups suffering from perpetual low income, income disparity and single family households-WHAT IS THE BIGGER PICTURE HERE? Though the news may be a seeming triumph for some, what it really happening within the mindset of the black population regarding consumerism?
Historically “having more” symbolized status and wealth. The notion actually resonates throughout most cultures within the world however, the African American culture has perpetually demonstrated its ‘buy in’ into the consumer practices designed by ‘big business’.
Desegregating the Dollar by Robert Weems,Jr. provides tried and true insight on the fact that despite African Americans’ high multi billion annual spending power, surprisingly little attention has been devoted to the ways U.S. businesses have courted black dollars in post-slavery America. The author presents the first fully integrated history of black consumerism over the course of the last century.