Tag: black spending power

African American Spending Power Projected to Reach $1.1 Trillion

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Black consumers are wielding power and influence in the marketplace like never before. All while spending their way to a major milestone.  The Nielsen Company, a global information and research firm, projects black spending power will reach $1.1 trillion by 2015. Despite this looming thirteen-figure impact, many black consumers do not understand the full extent of their power says Cheryl Pearson-McNeil, senior vice president of public affairs at Nielsen.

“Do I think we’re interested in learning more about it?  Absolutely.”  Some companies struggle to tap the real power of black consumers. The lack of understanding cultural nuances of African-Americans, Asian-Americans and Latino Americans results in a general market advertising approach Pearson-McNeil explains. “The African-American community isn’t a monolithic group.”

In 2011 advertising targeting black consumers across television, radio and magazines reached $2.1 billion, according to Nielsen. This was a modest increase from the year before and was just 2 percent of the $120 billion spent on advertising that year.

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