The Buying Power of Black America 2005

THE LATEST NEWS
Latest 'Buying Power' report shows black consumers spending more on home life

As the American economy continues to move sluggishly, African-American households are curtailing their spending in many categories, including food, clothing and basic household items, while investing more in home repair, home entertainment and consumer electronics. Although they are trimming back, black consumers are still spending more than their white counterparts on most of these products.

According to the newest edition of “The Buying Power of Black America” report, African-American households are tightening their belts when it comes to dining out, expanding their wardrobes, and leisure activities out of the home. At the same time, they are increasing their spending on home repairs and remodeling, audio and visual electronics, and online purchases of books. The report also estimates that black households collectively had earned income of $679 billion in 2004.

”More than ever, black consumers are seeking to get the most for their dollars,” said Ken Smikle, president of Target Market News and publisher of the report. “As they spend more time at home with their families, black consumers are focused on increasing the quality of home life. However, the fact that they are still spending more per capita than whites on certain food, apparel and media-related products demonstrates that their lifestyles are not changing radically.”

This trend is highlighted in the annually published report from Target Market News, a 17-year-old research and information company that specializes in tracking African-American marketing, media and consumer behavior. “The Buying Power of Black America,” which has been published annually for the past 12 years, is one of the most widely quoted sources of information on black consumer spending.

”This change in expenditures by black consumers means that obtaining and holding on to their loyal will be more competitive for marketers,” said Smikle. “This represents a time of opportunity for those companies that can demonstrate they are serious about providing value for these customers.”

According to the report, black households had $679 billion in earned income in 2004, an increase of 3.5% over the $656 earned in 2003.

Among the products and services that showed the greatest one-year increase were sound systems (+127%), computer online services (+38%) and sports and recreational equipment (+19%), dishwashers (+ 42%), washing machines (+45%), and contributions to churches (+19%).

”The Buying Power of Black America,” a 104-page report, is based on an analysis of expenditures reported by 3,000 black households for the Department of Commerce’s Consumer Expenditure Survey.

Click here to order The Buying Power of Black America

Click here for more stats from past editions of The Buying Power of Black America

Go to Target Market News homepage


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Click here for free delivery of the Target Market News Bulletin You'll receive news of breaking stories, exclusives, updates and headlines on the latest developments in African American marketing and media Black Stats Frequently requested data on African American consumers Black Buying Power: $679 Billion (2004) Black U.S. Population: 38.3 million Top Five Black Cities - New York - Chicago - Detroit - Philadelphia - Houston Top Five Black Metros: - New York-New Jersey - Washington-Baltimore - Chicago-Gary - Los Angeles - Philadelphia Top Five Expenditures: - Housing 110.2 bil. - Food 53.8 bil. - Cars/Trucks 28.7 bil. - Clothing 22.0 bil. - Health Care 17.9 bil. Click here for more stats from "The Buying Power of Black America." ______________________ Get quick access to key U.S. Census Bureau Data Click here to go to African-American Census Bureau data _____________________ Copyright `© 2005 by Target Market News Inc.` All rights reserved Business address: 228 S. Wabash Ave. Suite 210 Chicago, IL 60604 t. 312-408-1881 f. 312-408-1867 info@targetmarketnews.com	THE LATEST NEWS Latest 'Buying Power' report shows black consumers spending more on home life As the American economy continues to move sluggishly, African-American households are curtailing their spending in many categories, including food, clothing and basic household items, while investing more in home repair, home entertainment and consumer electronics. Although they are trimming back, black consumers are still spending more than their white counterparts on most of these products. According to the newest edition of “The Buying Power of Black America” report, African-American households are tightening their belts when it comes to dining out, expanding their wardrobes, and leisure activities out of the home. At the same time, they are increasing their spending on home repairs and remodeling, audio and visual electronics, and online purchases of books. The report also estimates that black households collectively had earned income of $679 billion in 2004. ”More than ever, black consumers are seeking to get the most for their dollars,” said Ken Smikle, president of Target Market News and publisher of the report. “As they spend more time at home with their families, black consumers are focused on increasing the quality of home life. However, the fact that they are still spending more per capita than whites on certain food, apparel and media-related products demonstrates that their lifestyles are not changing radically.” This trend is highlighted in the annually published report from Target Market News, a 17-year-old research and information company that specializes in tracking African-American marketing, media and consumer behavior. “The Buying Power of Black America,” which has been published annually for the past 12 years, is one of the most widely quoted sources of information on black consumer spending. ”This change in expenditures by black consumers means that obtaining and holding on to their loyal will be more competitive for marketers,” said Smikle. “This represents a time of opportunity for those companies that can demonstrate they are serious about providing value for these customers.” According to the report, black households had $679 billion in earned income in 2004, an increase of 3.5% over the $656 earned in 2003. Among the products and services that showed the greatest one-year increase were sound systems (+127%), computer online services (+38%) and sports and recreational equipment (+19%), dishwashers (+ 42%), washing machines (+45%), and contributions to churches (+19%). ”The Buying Power of Black America,” a 104-page report, is based on an analysis of expenditures reported by 3,000 black households for the Department of Commerce’s Consumer Expenditure Survey. Click here to order The Buying Power of Black America Click here for more stats from past editions of The Buying Power of Black America Go to Target Market News homepage	Hear presentations from: Arbitron Inc. E. Morris Communications Ethnic Print Media Group GlobalHue Hunter-Miller Group Media Economics Group Nia Enterprises Nsights Worldwide LLC Scarborough Target Market News U.S. Census Bureau ...and more Registration fee includes admission to The First Annual Click here to register and buy dinner tickets _________________________ SUBSCRIBE TODAY! The trade publication for in-depth coverage of Black Consumer Marketing and Media news ORDER THE WORKBOOK NOW! The sixth annual event examining the latest trends, findings and practices in marketing to African-American consumers Presentations from: America Online Arbitron Inc. Burrell Carol H. Williams Advertising E. Morris Communications Ethnic Print Media Group GlobalHue Hunter-Miller Group Images USA Nia Online NSights Worldwide LLC On Wheels Inc. R.J. Dale Advertising & P.R. Target Market News U.S. Census Bureau ...and more!