By CultureBanx Team
Black buying power will rise to $1.54T in 2022
More than 50% of African Americans have lived their entire life in the digital age
The democratized new digital world has enabled African Americans to create and control their own story like never before. More than half of all black people have lived their entire life in the digital age, thus making it a central focal point on driving how they operate daily. Due to this brands must meet these powerhouse consumers on the front lines of the digital battlefield.
Why This Matters: The digital landscape gives black people unlimited exposure to the most recent trends and social influencers shaping the U.S. economy today. Brands looking to connect authentically with African Americans need to understand they are multi-platform media consumers. This ethnic group spends over 46 hours a week tuning into TV and more than 19 hours weekly on smartphone apps and the internet, according to Nielsen.
Not only should brands hone in on where black consumers are engaging with content, but also just how much money the group possesses. The Selig Center estimates the nation’s Black buying power will rise from $1.3 trillion in 2017 to $1.54 trillion in 2022. The top three states where black people have the most buying power are Texas at $117 billon, New York at $116 billion and California with $93 billion.
When companies start to pay attention to the type of content African Americans are most connected with, they can better market their products to this group. Nielsen’s research found the increased visibility of intelligent black people, both on screen and in real life, serves to inspire, encourage and normalize being a Black nerd or “blerd.”
Situational Awareness: It’s not just through digital and social platforms black people heavily connect with content that brands should be aware of. They also spend more time listening to radio than any other ethnic group, with 92% of these consumers tuning into radio each week. Black people spend $173 each year on purchased music, exceeding the total population, according to the research report.
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