Mentioned before…

Posted: June 12, 2008 in success

…back in ’07 on this site. However, this PR goes into more detail.

New Report Forecasts U.S. African American Buying Power to Hit $1.1 trillion by 2012

NewswireToday – /newswire/ – London, United Kingdom, 06/11/2008 – ReportBuyer.com, the online destination for business intelligence for major industry sectors, added a new report which forecasts that the buying power of 39 million African Americans will hit $1.1 trillion by 2012.

Report Buyer, has now added a new report which forecasts that the buying power of 39 million African Americans will hit $1.1 trillion by 2012. This buying power offers opportunities to marketers of a wide range of products and services.

“The African-American Market in the U.S” reports that in the U.S. there are 2.4 million affluent African-American households with household incomes of $75,000 or more. They account for 17% of all African-American households but 45% of total African-American buying power.

Data shows that companies offering luxury items and financial services are at a particular advantage, because affluent African Americans are even more likely than other affluent cohorts to spend money on luxury items such as cruise-ship holidays, new cars, designer clothes, as well as investing in life insurance.

Authors of the report note that the African-American cohort continues to be a significant consumer segment that in some ways exercises more economic clout than the ever popular Hispanic one. They say African Americans’ purchasing behaviours can differ in many ways, ranging from what is bought at the grocery store to clothing style and magazine preferences. The authors argue that marketers should pay attention to these differences to execute marketing campaigns that target the many segments of this important demographic cohort. (more…)

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