10.05.2012

Black America's buying power estimated to reach $1.1 trillion by 2015

WASHINGTON (FinalCall.com) - A stroll through the exhibit hall at the Congressional Black Caucus’ Annual Legislative Conference September 20-22, offered a glimpse into the enormous attractiveness of Black America’s buying power. Kia Motors was there with new cars, and exhibitors had everything from fur vests for women to custom made shirts for men. A pretty penny could get you custom art work, jeweled cufflinks, designer suits, handbags to die for and the perfect accessories.

But around the corner, the second installment to “The State of the African-American Consumer” report was presented to the media Sept. 21. The first installment of the report was released last year.

Black America’s collective buying power is estimated to reach $1.1 trillion by 2015, as Black consumers remain at the forefront of social trends and media consumption, according to the new report, “African Americans: Still Vital, Still Growing 2012 Report.” Despite a population of 43 million and tremendous buying power, advertisers only spent $2.10 billion in 2011 with Black-owned media compared to $120 billion spent with general market media during the same time period.

“Marketers underestimate the opportunities missed by overlooking Black consumers’ frustration of not having products that meet their needs in their neighborhoods. And companies that don’t advertise using Black media risk having African Americans perceive them as being dismissive of issues that matter to Black consumers,” said Cloves Campbell, chairman of the National Newspaper Publishers Association, which released the report based on research by the Nielsen company. “This report demonstrates what a sustainable and influential economic force we are.”

This report was the result of the continued collaboration with Nielsen, the global information and measurement company and the National Newspaper Publishers Association, which consists of 200 Black-owned newspapers across the country. [READ MORE]