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February 28, 2006
African American Buying Power to Top $1 Trillion by 2010
According to independent studies by the Selig Center for Economic Growth and Packaged Facts, African American buying power will reach around $1 trillion by 2010, up from about $761 billion currently.
Selig attributed the gains to better employment opportunities, particularly since the number of black-owned businesses has grown four times faster than the number of all U.S. firms, per the U.S. Census. The number of African Americans attaining high school diplomas increased 10% between 1993 and 2003, the largest gain reported for any group. Also, the median age for the black population is 30.2 years, meaning larger proportions are entering the work force or are graduating from entry-level jobs while smaller numbers are retiring. . . .
"Having roughly the same purchasing power as Hispanics, African Americans tend to be left behind when it comes to marketing and advertising because Hispanics are expected to have more rapid population growth," said Don Montuori, Packaged Facts publisher. "Marketers would be wise, however, to tap into the African American segments that outpace their Hispanic counterparts, such as those with incomes greater than $50,000, owner-occupied households, married-couple families and African American women—all sectors which offer huge potential in the consumer goods markets."
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