Gimmee the Loot! An Astonishing Facts About the Spending Power of Black Americans
Brands Supporting the end of Racism & the Black Lives Matter Movement.
The Black Dollar has one of the lowest recirculations back into the African American race as compared to other races.
47.8 Million African Americans spend $1.3 Billion annually. Before you go and spend your hard earned money, perhaps you should consider spending with Brands and Stores that WANT your business. And just maybe... No, DEFINITELY, you need to break some bread and recirculate the dollar back into the Black Community.
“At 47.8 million strong and a buying power that’s on par with many countries’ gross domestic products, African Americans continue to outpace spending nationally,” said Cheryl Grace, Nielsen’s Senior Vice President of Community Alliances and Consumer Engagement and co-creator of the DIS Report. “This year, we wanted to help brands and marketers understand the multi-faceted process that Blacks take to buy the products they buy. There are several drivers, but culture is at the center of them all. Further, with their love for technology, they are much more savvy and conscious consumers. They are as we say, ‘woke.’ They pay attention to how companies are speaking to them. As they spend more, they want more for themselves and from the brands they support.”
Nielsen’s 2019 Diverse Intelligence Series (DIS) Report on African Americans reports that we want to be clean and smell good, our Black men are making huge strides in grooming habits, we support brands that market to us in the image we want portrayed, and... uh... we are up in the high-end stores.
- African Americans outspend the total market on personal soap and bath needs by nearly 19% ($573.6 million).
- Men are making an impact with grooming habits, outpacing the total market by 20% on toiletry items.
- Blacks are 20% more likely than the total population to say they will “pay extra for a product that is consistent with the image I want to convey.”
- They are also more likely to say they shop at high-end stores including Saks Fifth Avenue (63%), Neiman Marcus (45%) and Bloomingdales (24%).
In Atlanta, it is definitely a very proportionate number of African Americans who can be seen at Phipps and Lenox, and who spend a lot of cash in stores like Versace, Louis Vuitton, Saks, Gucci, and other high end stores.
What IF we were to spend our money differently and especially not in the stores where we typically don't see our faces in key marketing messages?
Oh, and nearly 48 Million Black Americans can EAT! Per the Nielson reports, "Soul food drives African American consumers’ top grocery purchases. These consumers are also passionate about the environment, wanting to buy safe, locally sourced food items."
Please pass the Glory Greens, Fish, and Grits!
- African Americans outpace the general market on: Quaker grits ($19 million); Louisiana Fish Fry ($11 million); Glory Greens (frozen and fresh, $9.5 million combined) and Jay’s Potato Chips (nearly $2.7 million).
- 61% say produce is the most important category to buy local, followed by bakery and prepared foods (56%), eggs (55%) and dairy (52%).
- Blacks over-index the total population concerned about food safety issues: antibiotic use in animal production (by 20%); artificial ingredients (by 19%) and GMO crop development due to climate change.The biggest worry is rising prices due to trade tariffs (68% Blacks vs. 56% total population).
Fellow African Americans. It is now, more than ever... time to analyze how you are spending, and more importantly saving and investing into your future.
What are your thoughts?