Buying Power Among African Americans to Reach $1.1 Trillion by 2012

Wed Feb 6, 2008 3:22pm EST

* Reuters is not responsible for the content in this press release.

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
tehart@marketresearch.com.
    Contact:
    Tom Ehart
    MarketResearch.com
    240-747-3014
    tehart@marketresearch.com

SOURCE  Packaged Facts

Tom Ehart of MarketResearch.com, +1-240-747-3014, tehart@marketresearch.com,
for Packaged Facts
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