According to Neilson, African-Americans’ buying power is expected to reach $1.1 trillion by 2015, according to The State of the African-American Consumer Report, released yesterday at a Washington, DC press conference.
This growing economic potential presents an opportunity for Fortune 500 companies to examine and further understand this important, flourishing market segment. Likewise, when consumers are more aware of their buying power, it can help them make informed decisions about the companies they choose to support.
“Too often, companies don’t realize the inherent differences of our community, are not aware of the market size impact and have not optimized efforts to develop messages beyond those that coincide with Black History Month,” said Cloves Campbell, chairman, NNPA. “It is our hope that by collaborating with Nielsen, we’ll be able to tell the African-American consumer story in a manner in which businesses will understand,” he said, “and, that this understanding will propel those in the C-Suite to develop stronger, more inclusive strategies that optimize their market growth in Black communities, which would be a win-win for all of us.”
The report, the first of annual installments in a three year alliance between Nielsen and NNPA, showcases the buying and media habits and consumer trends of African-Americans.
