Buying Power Among African Americans to Reach $1.1 Trillion by 2012
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NEW YORK, Feb. 6 /PRNewswire/ -- The attitudes and behavior of African- American consumers can differ significantly from consumers in other groups, therefore segmentation in marketing strategies can be critical to increase organizational growth and revenue. Why would you want to specifically target this population group? A new report from Packaged Facts, The African-American Market in the U.S. forecasts that the buying power of 39 million African Americans will hit $1.1 trillion by 2012. What is notable is that in the U.S. there are 2.4 million affluent African-American households with household incomes of $75,000 or more. They account for 17% of all African-American households but 45% of total African- American buying power. This buying power offers opportunities to marketers of a wide range of products and services. vData shows that companies offering luxury items and financial services are at a particular advantage, because affluent African Americans are even more likely than other affluent cohorts to spend money on luxury items such as cruise-ship vacations, new cars, designer clothes, as well as investing in life insurance. "The African-American cohort continues to be a significant consumer segment that in some ways exercises more economic clout than the ever popular Hispanic one," comments Tatjana Meerman, Publisher of Packaged Facts. "African Americans' purchasing behaviors can differ in many ways, ranging from what is bought at the grocery store to clothing style and magazine preferences. Marketers should pay attention to these differences to execute marketing campaigns that target the many segments of this important demographic cohort." The African-American Market in the U.S. provides a demographic analysis of the African-American population and an assessment of social and economic trends affecting African Americans today and in the future. A full assessment of African-American buying power presents their behaviors across a variety of areas. This data-rich report also analyzes how African Americans spend their leisure time and money offering solid support to marketers targeting African- American consumers. For further information on this report from Packaged Facts visit: http://www.packagedfacts.com/African-American-1475194/ About Packaged Facts Packaged Facts publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services. For more information visit www.PackagedFacts.com, or contact Tom Ehart at 240-747-3014 or firstname.lastname@example.org. Contact: Tom Ehart MarketResearch.com 240-747-3014 email@example.com SOURCE Packaged Facts Tom Ehart of MarketResearch.com, +1-240-747-3014, firstname.lastname@example.org, for Packaged Facts
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