Increasingly Affluent African American Market Set to Reach $981 Billion by 2010
“BUT” ALERT!!!
There will be plenty of Negroes out there that will be quick to remind you “BUT WE STILL GOT A LONG WAY TO GO” squashing any celebratory moment. No, this does not mean the end of racism as we know it, but it serves as yet another slap in the face of those that tell us that there has not been any real progress in the black community for years.
NEW YORK, Feb. 22 /PRNewswire/ — Buoyed by advances in education and employment, the African American market now commands a buying power of $762 billion, an economic pocketbook that is expected to reach $981 billion by 2010, according to The U.S. African American Market, a new report from Packaged Facts, a division of MarketResearch.com, a leading provider of
industry-specific market research reports.
According to the report, which for the first time examined the black
population from a regional perspective, African Americans in the West and
Northeast have higher average incomes than those in the Midwest and the South,
and consequently account for a disproportionate share of the aggregate income
of African Americans.
Blacks living in the Northeast are much more likely to want to get to the
very top in their career- viewing their work as a career, not just a job. For
this reason, African Americans in the Northeast are far more likely than
African Americans as a whole to feel secure financially and to be happy with
their standard of living.
However, while the market potential is steadily increasing, industry-wide
lack of targeted marketing and advertising remain obstacles to growth in
several sectors that are largely untapped.
“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, the publisher of Packaged Facts. “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.”
Now in its 6th edition, The U.S. African American Market provides a
comprehensive profile of consumer expenditure patterns, shopping behavior, and
attitudes towards food, health, entertainment, leisure, and technology.
Strategies and opportunities for marketing to the African American community
are also covered. Priced at $3,500, this report can be purchased from Packaged
Facts by clicking: http://www.packagedfacts.com/pub/1090871.html. It is also
available at MarketResearch.com.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes research
reports on a wide range of consumer industries. For more information visit
http://www.PackagedFacts.com, or contact Tom Ehart at 240-747-3014, or
tehart@marketresearch.com.
February 23rd, 2006 at 3:19 pm
OK, now what do we do with this so called economic power? Truth is, it is now about how much we generate, but about how much we keep. Currently, only .07(seven cents) of every dollar we generate remains in our community. Therefore, our economic empowerment serves the majority(corporate, retail) communities moreso than ours. We can never financially liberate ourselves with such unconscience and irresponsible behavior.
February 24th, 2006 at 7:22 pm
Outstanding comment.
Anybody can spend money, it’s investing it and holding on to it to use it politically that will make a difference.
As the guy said in the Godfather.
Finance is the gun, politics is knowing when to pull the trigger.
February 24th, 2006 at 8:25 pm
I LIKE THE OPTIMISM OF THE AFRICAN AMERICAN MARKETS..THE REAL ISSUE IS THE IS THE COMPETITION BY LATINOS..WHAT ARE BLACKS DOING TO RECLAIM LOST JOBS..IS BLACK AMERICA GONNA JUST MOVE BACKWARDS AGAIN, LIKE IT DID BEFORE THE CIVIL WAR..WHY DO BLACK STILL GIVE JOBS TO LATINOS WHEN THEY DON EVEN GIVE US A SHARE OF THEIR WEALTH?? BUT WHAT THEY DO GIVE US IS A GREAT BEATING IN THE JAIL CELLS..THEY KNOW THAT WERE A BUNCHA BLACKS ARE WEAK AND EASILY INTIMIDATED..WILL WE RETALIATE AND SECURE AFRICAN AMERICAN FUTURE??..AND THEY WALK DOWN THE STREET WITH THEIR HEADS UP HIGH LIKE THEY OWN AMERICA..THATS UNACCEPTABLE AND THEY GOTTA PHYSICALLY KNOW THAT!!
April 6th, 2006 at 1:50 pm
I was very enlighten by your article on the state of Black wealth. I am in the process of putting together a group of Afro-Americans who want to make money and increase their wealth. The group will utilized the inborn talents of its members. Have any idea? E-mail me.
April 7th, 2006 at 8:19 am
If only on a grander scale we understood our buying power. If that was to happen we could single handedly remove the white mans grip on the motherland ourselves and rebuild the downtrodden parts of Africa and reclaim our true home. Think about it the Black Leagues(all sports), black businesses supporting themselves,i can go on and on but we travel the path of progress and have been on this path since they first snatched us out of Africa. Sail on La Amistad sail on. They can murder us and teach us to murder ourselves but they will never break the GREAT AFRICAN SPIRIT that lives within us all.