We have recently published a series of articles about connecting Black consumers and entrepreneurs more effectively through what we have described as "The Second Diaspora Initiative."
In the third annual collaboration with NNPA, The Congressional Black Caucus Foundation, and the Neilson market research firm, the study below provides an overview of the Black consumer in 2013. This information provides valuable insights for those of us who are focused on increasing Black economic empowerment. Please review the release below for further information.
WASHINGTON, D.C. (Sept. 19, 2013) - African-American buying power continues to increase and is expected to rise from its current $1 trillion level to $1.3 trillion by 2017, according to Resilient, Receptive and Relevant: The African-American Consumer 2013 Report.
The report was released by Nielsen, a leading global provider of information and insights into what consumers watch and buy, in collaboration with the NNPA during the Congressional Black Caucus Foundation's 43rd Annual Legislative Conference. This is the third annual report on African-American buying power, consumer behavior and lifestyle trends released by the two organizations.
Blacks watch more television (37 percent); make more shopping trips (eight), purchase more ethnic beauty and grooming products (nine times more), read more financial magazines (28 percent) and spend more than twice the time on personal hosted websites than any other group.
Highlights from the report include:
- Fifty-three percent of the 43 million Blacks in the U.S. are under the age of 35, and the Black population has grown 63 percent faster than the general market population
- Although 81 percent of Blacks said they believed that products advertised using Black media are more relevant to them, only 3 percent or $2.24 billion of the $75 billion spent on television, magazine, Internet and radio advertising was with media focused specifically on Black audiences
- How companies can avoid a "one-size-fits-all" approach to better connect with Black consumers
The findings were announced by Cheryl Pearson-McNeil, senior vice-president, public affairs and government relations for Nielsen, Cloves Campbell, chairman of the NNPA
, a 73-year-old federation of 200 Black community newspapers; and A. Shuanise Washington, president and chief executive officer of the Congressional Black Caucus Foundation.
"The consumer insights this year are some of the most varied yet," said Pearson-McNeil. "From store brand loyalty, to top watched television networks, which mobile apps are most popular, a deep dive into how Blacks spend their digital time, and how companies can reach 10 million Black consumers by developing a southern regional strategy - this year's report is really a compelling read for both advertisers and marketers."
"This year, the report goes a step further and lists the premier 50 companies, in the top five categories committed to the Black community economically," said Campbell. "This type of information helps the NNPA continue our efforts to create conscious consumers who better understand how their economic power has a direct impact on the marketplace overall and that kind of information is invaluable." Beyond the business impact Blacks have on the economy, the report also provides more granular insights into its population growth, and demographic uniqueness, which was of particular interest to Washington. "The CBCF
's mission is to advance the global Black community by developing leaders, informing policy and educating the public," said Washington. "Nielsen's report will prove helpful as we continue our efforts to improve the socioeconomic circumstances of African Americans and other underserved communities."