THE BLACK CONSUMER 2014
Key Facts – The Broad Stroke
As we continue our focus on “All Things Black”, consumer data and analysis of purchasing behaviors reveal, some patterns for this consumer have remained the same, while others have been nuanced by lifestyle, geography and income trends.
There are varying sources tracking the buying power of the black consumer. Nielsen has estimates purchasing power of this consumer to be $1trillion with an estimated growth upwards of $1.3 trillion by 2017. Driving factors behind this growth include increases in education and the fact that blacks are having more children than their white counterparts.
Despite being under-represented in mainstream media and in the face of what some perceive as negative visual stereotypes, the black consumer continues to evolve and grow. Of key relevance is the fact that other demographics have begun to “see” the influence the black demographic has on mainstream influencers, especially young mainstream consumers.
The number of black women with college degrees has risen steadily and consistently over the last 10 years. This has resulted in more educated and accomplished business owners, executives and black women in managerial positions. The black consumer spends 18% of its $1 – trillion dollar buying power on consumer packaged goods products. Yet only 3% of $75 billion in advertiser spending and programming is invested in talking to this consumer.
Black women spend 9 times more on their “look” from a hair and beauty care perspective than any other demographic.
The re-emergence of natural hair, products designed to help with manageability of natural hair and the black woman’s increased scrutiny on what she and her family consumes is on the RISE! She is the Family CEO and drives consumer purchases.
THE BLACK WOMAN
Motivators & Those Things That Make Her Move
We know she spends more, tends to be younger, is growing from an education perspective, hangs out her shingle (entrepreneur) now more than ever and yes she’s culturally aware of who she is and how she spends her MONEY, TIME & RESOURCES….but What Moves Her? Inti- macy and relevancy in messaging is a start. An approach beyond the saliency of facts and figures is critical in connecting with this diverse con- sumer. New and Next, find out how black women of all shapes, sizes, ed- ucation and income levels responded to a recent survey “My Voice, My Choice, My Way” at www.DiversityConnected.com. Results are ongoing and will post beginning Monday, February 9, 2015. Next week: “Who’s on first and why in black hair care”. Til then, keep growing, stay grounded!
