The Black consumer market is a key part of the US economy, growing in influence and reach. Nielsen reported a $1.4 trillion combined buying power of Black Americans in 2019, demonstrating substantial impact on spending choices. Their spending extends to various sectors like ethnic hair and beauty products, personal care, media, banking, housing, utilities, children's items, and electronics, among others. Notably, Black consumers spend nine times more on hair and beauty products than the average market.
They committed an estimated $1.1 billion to personal care in 2018. Media consumption is 13.4% higher than the national average. A significant 29% of online adults use banking and financial services, while nearly half of their annual retail expenditure goes to housing, transportation, and utilities. Spending on children's items is 28% higher annually than other ethnic groups. Electronics purchases amount to about $50 billion each year, with other items like bottled water and magazines raking in millions.
Black-owned businesses generated over $150 billion last year alone. Black consumers are prominent in the online marketplace, with 41% planning or making online purchases. They're avid users of mobile apps and premium TV services. They spent $7.4 billion on diet and weight loss products and about $1.5 billion on groceries as of 2013. Black home ownership stands at 52%, and they accounted for 8.7% of luxury goods purchases in 2019. These figures attest to the substantial power and growth of Black consumer spending.
Black Consumer Spending Statistics Overview
.Black American consumer media consumption is around 13.4% higher than the national average, and they make up 7.4% of the media industry's consumer base.
This statistic is a powerful indicator of the influence of Black American consumers in the media industry. It demonstrates that Black American consumers are not only a significant portion of the consumer base, but that they are also consuming media at a rate higher than the national average. This highlights the importance of understanding the spending habits of Black American consumers and the impact they have on the media industry.
29% of Black online adults spend their time using banking and financial services.
This statistic is a powerful indicator of the importance of banking and financial services to Black online adults. It demonstrates that a significant portion of their time is devoted to managing their finances, which is a testament to their commitment to financial responsibility. This statistic is especially relevant in the context of a blog post about Black consumer spending statistics, as it provides insight into the financial habits of this demographic.
Black consumer spending on electronics amounts to $50 billion annually.
This statistic is a powerful reminder of the immense economic power of the Black community. It highlights the fact that Black consumers are a major force in the electronics industry, and that their spending has a significant impact on the industry's success. It also serves as a reminder that Black consumers should be taken seriously and their needs should be met with quality products and services.
In 2020, Black-owned businesses generated over $150 billion in revenues.
This statistic is a powerful testament to the economic power of Black-owned businesses. It demonstrates the immense potential of Black entrepreneurs and the impact they have on the economy. It also highlights the importance of investing in Black-owned businesses and the potential for growth in the Black consumer market. This statistic is a reminder that Black consumer spending is an important factor in the overall economy and should not be overlooked.
On average, Black Americans download 44% more mobile applications and spend 36% more time on them compared to the general population.
This statistic speaks volumes about the importance of mobile applications to Black Americans. It highlights the fact that they are not only downloading more apps, but also spending more time engaging with them. This indicates that mobile applications are a key part of their lives, and that businesses should take note of this trend when considering how to reach out to this demographic.
41% of Black consumers spend money on premium TV services compared to 35% of the general population.
This statistic is significant in the context of Black consumer spending statistics because it highlights the fact that Black consumers are more likely to invest in premium TV services than the general population. This indicates that Black consumers are more likely to prioritize entertainment and leisure activities, which could be indicative of a larger trend in Black consumer spending.
The average Black family spent 91.1% of their income on consumption expenditure in 2018-2019.
This statistic is a powerful indicator of the financial realities of Black families in the United States. It shows that the majority of their income is being spent on consumption expenditure, leaving little room for savings or investments. This statistic is a stark reminder of the economic disparities that exist between Black and White families, and highlights the need for greater economic opportunities for Black families.
52% of Black families own a home in the United States.
This statistic is a powerful indicator of the economic progress of Black families in the United States. It speaks to the fact that despite the systemic racism and economic disparities that Black people have faced, they have still been able to achieve homeownership. This is an important point to consider when discussing Black consumer spending statistics, as it shows that Black people have the financial means to make purchases and invest in their future.
Black consumers represented 8.7% of the total US luxury spending in 2019.
This statistic is a powerful reminder of the impact that Black consumers have on the luxury market. It highlights the importance of recognizing and catering to the needs of this demographic, as they are a significant portion of the total US luxury spending. This statistic is a testament to the buying power of Black consumers and the potential for businesses to benefit from their patronage.
The statistics presented in this blog post demonstrate the immense economic power of Black Americans. From spending on personal care products and services to luxury items, it is clear that Black consumers are a major force in the US economy. In addition, they have made significant investments into housing and transportation as well as children's items.
Furthermore, their media consumption habits exceed those of other racial groups while also being active participants in online banking and financial services. Finally, Black-owned businesses generated over $150 billion dollars last year alone - further proof of their tremendous buying power across all industries. It is evident that when it comes to consumer spending trends within the United States, African American shoppers should not be overlooked or underestimated.
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9. - https://www.forbes.com