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20 Jan 2010

Black Buying Power Report

Listed under: Blog

Target Market News releases 15th annual ‘Buying Power of Black America’ report

Black consumers are responding to tighter economic condition by focusing more of their spending on items and services that improve their homes and lifestyle. That’s one of the trends revealed in the 15th annual report, “The Buying Power of Black America, ” published by Target Market News.

The report analyzes spending for black households in 2008 and finds that African-Americans began showing signs of the pending economic turmoil that would hit the entire nation. The pattern of purchases shifted dramatically in some categories. Contributions to churches and other non-profits dropped 16% to $11 billion. Expenditures on personal care products and services declined 10% to $6.6 billion. Spending on alcoholic beverages decreased 6% to $2.8 billion.

Purchases of items related to the home continued to increase despite the need for economic sacrifices. Appliance purchases grew 27% to $2.2 billion. Computers for home use climbed 28% to $3.5 billion. Consumer electronic expenditures went up by 32% to $4.5 billion.

“African-American households are facing this economy by being more focused in the purchases they make,” said Ken Smikle, president of Target Market News and editor of the “Buying Power” report. “In 2008 black consumers had total earned income of $803 billion. They ranked 17th among the economies of the world in comparable gross national income. They continue to be a critical part of the American marketplace, and will contribute substantially in the economic recovery of American business.”

The “Buying Power” report’s 100-Plus Index section shows how black households continue to spend on average more than their white counterparts in categories such as food, apparel, appliances, personal care products and services and phone service.

Click to Enlarge

“The Buying Power of Black America” is the nation’s most quoted source on the billions of dollars spent annually by African-American consumers on goods and services. The report is a comprehensive research source that has been used by hundreds of Fortune 1000 companies. The report provides updated information in five sections:

– Black Income Data
– Purchases in the Top 30 Black Cities
– Expenditure Trends in 26 Product & Services Categories
– Demographic Data on the Black Population

Copies of the Buying power of Black America can be purchased from Target Market News for $99 each. Local market editions are also available at $99 for the top 45 African-American metropolitan areas. For more information call 312-408-1881

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Billions of dollars spent with so little control of content, news and information. Only in America.

Paul Porter

Industry Ears