What does Nielsen’s third report on African-American consumers reveal about Blacks’ purchasing behaviors and viewing patterns? Despite historically high unemployment rates, Blacks have shown resiliency in their ability to persevere as consumers. Black buying power continues to increase, rising from its current $1 trillion level to a forecasted $1.3 trillion by 2017. The ongoing population growth and increases in educational attainment are key factors in the increase of African-Americans’ consumer power. Notable highlights from the report include the following: • While Black men continue to dominate as the economic leaders in the Black community, Black women yield a tremendous amount of power as they have attained impressive gains in education, employment, and business ownership. • The reverse migration continues as younger, college-educated Black professionals head South. Marketers have an opportunity to develop a “southern strategy” to connect with the more than 10 million African-Americans in 10 key southern markets. • While being receptive to trying new products, Blacks commit 18% of their annual retail dollars to store brands and continue to show resiliency in specific non-edible categories such as Ethnic Hair and Beauty Aids, where they are more likely to spend nine times more than other groups. • From Facebook, Instagram, and Twitter to Education and Career websites, BibleByLifeChurch.tv, and Glam Media Network, cyberspace provides a critical outlet for companies to engage Blacks of all ages. • No group watches more television than African-Americans (37% more) who lean heavily toward programming that includes diverse characters and casts. Black women watch more television than their male counterparts. • Of the $75 billion spent on television, magazine, internet, and radio advertising, only $2.24 billion of it was spent with media focused on Black audiences. Black businesses, agencies and media continue to wrestle with this disparity as it is not reflective of the overall, high consumption patterns and behavioral trends of the Black consumer. Learn more at usblackchamber.org/pdf/naacr.pdf.
Posted on: Sat, 19 Jul 2014 22:19:48 +0000
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