For entrepreneurs, Black History Month is an appropriate time to think about the African American Consumer as a key demographic audience for our products and services. Often, the most talked about characteristic of the African American consumer is the spending power. But how much do we really know about about the spending habits, the income, education, use of mobile technology, access to the Internet, online buying patterns, and preferences of this target audience?
The National Newspaper Publishers Association ( NNPA - national association of Black Newspapers) has partnered with The Neilsen Company to complete a comprehensive study that will better prepare entrepreneurs to effectively target segments of this consumer demographic to achieve our business goals. Some of the outcomes will surprise you, and refute some common myths.
Here are some highlights:
- 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. This continued growth in affluence, social influence and household income will continue to impact the community's economic power.
- There were 23.9 million active African-American Internet users in July 2011 -- 76% of whom visited a social networking/blog site.
- 33% of all African-Americans own a smart phone.
- African-Americans use more than double the amount of mobile phone voice minutes compared to Whites -- 1,298 minutes a month vs. 606.
- The percentage of African-Americans attending college or earning a degree has increased to 44% for men and 53% for women.
This study could help reshape your marketing efforts, and refocus your marketing efforts. It is a MUST READ for high performing Black entrepreneurs.
Click Here to dowload the complete study.BLOG COMMENTS POWERED BY DISQUS