A consumer group which continues to experience population growth, has unique generational behavioral trends and characteristics, and a projected buying power of $1.1 trillion by 2015, African-Americans are still a viable market segment full of business opportunities, according to the African-American Consumers: Still Vital, Still Growing 2012 Report.
Key Insights from the report include:
- Total advertising spent in Black media totaled $2.10 billion in 2011, compared to $120 billion spent with general market media during the same period.
- 91% of Blacks believe that Black media is more relevant to them.
- Brand name products represent 82% of Black households' total purchases compared to 31% for private labels.
- 81% of Blacks believe products advertised on Black media are more relevant to them.
- 54% of African-Americans own a smartphone, an increase from 33% last year.
- 54% of the Black population is under 35; compared to 47% of the general population.
- 48% of Black grandparents live with their grandchildren and serve as primary caregivers.
- African-American Baby Boomers (45-64) spend more time at the stores or grocers, fast food restaurants and the gym; and prefer television and print as primary media sources.
- Generation Y (18-34) are more likely to spend time at someone else's home; and selected radio, mobile phones and gaming consoles are their media of choice.