buzzz worthy. . .
Black consumers are responding to tighter economic conditions by focusing more of their spending on productss 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 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 report analyzes spending for black households 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."
Apparel Products and Services
|
$26.9 billion
|
Appliances
|
2.2 billion
|
Beverages (Alcoholic)
|
2.8 billion
|
Beverages (Non-Alcoholic)
|
3.1 billion
|
Books
|
289 million
|
Cars and Trucks - New & Used
|
31.5 billion
|
Computers
|
3.5 billion
|
Consumer Electronics
|
4.5 billion
|
Contributions
|
11.0 billion
|
Education
|
71 billion
|
Entertainment and Leisure
|
2.8 billion
|
Food
|
65.3 billion
|
Gifts
|
3.5 billion
|
Health Care
|
23.9 billion
|
Households Furnishings and Equipment
|
12.9 billion
|
Housewares
|
836 million
|
Housing and Related Charges
|
166.3 billion
|
Insurance
|
19.0 billion
|
Media
|
8.3 billion
|
Miscellaneous
|
4.4 billion
|
Personal Care Products and Services
|
6.6 billion
|
Sports and Recreational Equipment
|
1.0 billion
|
Telephone Services
|
17.2 billion
|
Tobacco Products and Smoking Supplies
|
3.1 billion
|
Toys, Games and Pets
|
2.4 billion
|
Travel, Transportation and Lodging
|
6.4 billion
|
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.
"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, or click here to purchase online.
"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, or click here to purchase online.