According to a recent study by consumer market research group Packaged Facts, the faltering U.S. economy needs Black America for sustainability. It stated that African-Americans are crucial to the consumer economy with a population of 39 million and buying power of $892 billion, a figure which is expected to grow to $1.1 trillion in 2012. Black consumers create a variety of possibilities for marketers in various industries, such as food, health, auto and clothing. In fact, approximately 9 million African-Americans plan to buy a new vehicle, accounting for more than 9 percent of all consumers who are purchasing vehicles this year. Additionally, those living in southern states have a special appeal as they account for 54 percent of buying power.
You may like
Get The Essence Newsletter and Special Offers delivered to your inbox!