Increasingly Affluent African American Market Set to Reach $981 Billion by 2010

Buoyed by advances in education and employment, the African American market now commands a buying power of $762 billion, an economic pocketbook that is expected to reach $981 billion by 2010, according to The U.S. African American Market, a new report from Packaged Facts, a division of MarketResearch.com, a leading provider of industry-specific market research reports.

According to the report, which for the first time examined the black population from a regional perspective, African Americans in the West and Northeast have higher average incomes than those in the Midwest and the South, and consequently account for a disproportionate share of the aggregate income of African Americans.

Blacks living in the Northeast are much more likely to want to get to the very top in their career- viewing their work as a career, not just a job. For this reason, African Americans in the Northeast are far more likely than African Americans as a whole to feel secure financially and to be happy with their standard of living.

However, while the market potential is steadily increasing, industry-wide lack of targeted marketing and advertising remain obstacles to growth in several sectors that are largely untapped.

“Having roughly the same purchasing power as Hispanics, African Americans tend to be left behind when it comes to marketing and advertising because Hispanics are expected to have more rapid population growth,” said Don Montuori, the publisher of Packaged Facts. “Marketers would be wise, however, to tap into the African American segments that outpace their Hispanic counterparts, such as those with incomes greater than $50,000; owner-occupied households; married-couple families; and African American women-all sectors which offer huge potential in the consumer goods markets.”

Now in its 6th edition, The U.S. African American Market provides a comprehensive profile of consumer expenditure patterns, shopping behavior, and attitudes towards food, health, entertainment, leisure, and technology. Strategies and opportunities for marketing to the African American community are also covered. Priced at $3,500, this report can be purchased from Packaged Facts by clicking: http://www.packagedfacts.com/pub/1090871.html. It is also available at MarketResearch.com.

Via PRNewswire

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