African Americans represent 11% of the U.S. adult population and, as a group, constitute the nation’s largest racial minority market. African Americans are also more optimistic about their financial situation than the general population, and with good reason. According to the Selig Center for Economic Growth, African American buying power reached $913 billion in 2008, up from $590 billion in 2000. By 2013, African American buying power will reach an astonishing $1.2 trillion, meaning that almost nine cents out of every dollar spent in the United States will come from African American consumers.
In celebration of Black History Month, Experian Simmons examines the attitudes, behaviors and media consumption of our country’s African American consumers using data from Simmons DataStreamSM, the Simmons National Consumer Study, New Media Study, Multi-Media Engagement Study and Experian MicromarketerG3 as well as findings from our friends at Experian Hitwise.
When it comes to attitudes towards personal financial outlook, African Americans are more likely than the average American adult to say that in the next 12 months they will be better off financially. As of December 28th, 2009, 36% of African Americans said they would be better off financially in the next 12 months, compared with 31% of all adults who felt the same.
African Americans are trend setters. Below are the top indexing statements on apparel, auto, food and social interaction among African American adults compared to the total adult population. Index relative to total adult population in parentheses.
House Beautiful magazine is a great publication for reaching African Americans who respond to print ads. Readers of House Beautiful, for instance, are 37% more likely to be African American and House Beautiful scores 83% higher than the average magazine among African American readers who say they are likely to buy product or services advertised in the magazine.
Where in the United States is the best place to find African American consumers with household incomes of $100,000 or more? Hinesville-Fort Stewart, Georgia is tops followed by Fresno and Stockton, California.
African American consumers are more likely than the average online adult to use a wide range of emerging technologies and media. For instance, online African American consumers are 20% more likely than average to watch movies online, 19% more likely to listen to Internet radio and 18% more likely to use social tags or bookmarks.
Below are the top sites ranked by the percentage of visits coming from the top African American Mosaic lifestyle segments. The list is dominated by social networking sites.