As the focus on our growing multicultural market appears to finally be gaining traction are US companies engaging in an either/or scenario when it comes to targeting Hispanics and African Americans? With the explosive growth of the Hispanic market it seems only fitting businesses would sit up and take notice but does that mean they’ll let African American consumers fall by the wayside? A new Nielsen study outlines why that would be a big mistake.
The report notes that this population has a buying power of nearly $1 trillion.
Key findings in the report include:
- The number of African-American households earning $75,000 or higher grew by almost 64%, a rate close to 12% greater than the change in the overall population’s earning between 2000 and 2009.
- The percentage of African-Americans attending college or earning a degree has increased to 45% for men and 53% for women (adults 25+).
- The average African-American household spends about seven hours, 12 minutes daily watching TV – 213 hours a month – which is 40% more viewing time spent than the overall population.
- 12.5 million African-American households helped make this year’s Super Bowl XLV the most watched Super Bowl ever.
- African-Americans use more than double the amount of mobile phone voice minutes compared to Whites – 1,298 minutes a month vs. 606.
- African-Americans send/receive on average 907 text messages.
- 33% of all African-Americans own a smart phone
- African-Americans may spend less on each shopping trip, but they make the most trips – 167 – annually of any other group.
- African-Americans in higher income brackets, spend 300% more in higher-end retail grocers, more than any other high income household.
- African-Americans over-index on purchases of health and beauty products, household cleaning items, clothes, food and electronics to name a few.
- During July 2011, there were 23.9 million active African-American internet users.
- African-Americans are 30% more likely to visit Twitter.
- Top online purchases for African-Americans in the last six months included:
- Airline tickets/reservations
- Hotel reservations
- Any clothes/shoes/accessories
- Women’s clothes/shoes/accessories
- Men’s clothes/shoes/accessories
Read more here…