The buying power of African Americans is projected to reach $1.1 trillion by 2015. According to the Nielsen Company study, “African-American Consumers: Still Vital, Still Growing,” this population’s growth outpaces the rest of the population by 30%.
The demographic is increasingly younger, more educated and has higher incomes than is commonly believed. Between 2000 and 2009, the number of African Americans attending some college or earning degrees has grown: 45% of men; 54% of women. Households earning $75,000 or more grew by more than 60%, faster than the rest of the population.
Nielsen’s study found that African American households have an average of four television sets per household and prefer premium cable channels. Forty-four percent of all new mobile phones purchased by African-Americans are smartphones. Sixty-eight percent used their smartphones for shopping information.