Increasingly Affluent, Educated and Diverse: African-American Consumers
This report explores a group composed of trendsetters, education enthusiasts, media influencers, social activists and content creators—all anchored by a strong cultural influence. This year, we focused specifically on a segment of African-Americans who are often overlooked, those with annual household incomes of $75,000 or more. Their size and influence is growing faster than non-Hispanic whites across all income segments above $60,000, a story worth sharing.
These larger incomes are attributed to a number of factors including youthfulness, immigration, advanced educational attainment and increased digital acumen. As these factors change African-Americans’ decisions as brand loyalists and ambassadors, savvy marketers are taking notice.
African-American Incomes Are Rising
As African-American incomes rise, their increase in spending on certain categories outpaces that of the total population. Categories where higher-income African-Americans outspend the total population in terms of percentage of income include future-oriented categories, such as insurance policies, pensions and retirement savings.