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 15th Annual Edition
'Buying Power of Black America' report breaks down billions in expenditures

Black consumers are responding to tighter economic condition by focusing more of their spending on items and services that improve their homes and lifestyle. That's one of the trends revealed in the 15th annual report, "The Buying Power of Black America," published by Target Market News. The report analyzes spending for black households in 2008 and finds that African-Americans...
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 Black Stats  
Frequently requested data on African American consumers

Black Buying Power:
 $803 Billion (2008)

Black U.S. Population:
 41.1 million

Top Five Black Cities
 - New York
 - Chicago
 - Detroit
 - Philadelphia
 - Houston

Top Five Black Metros:
 - New York-New Jersey
 - Washington-Baltimore
 - Chicago-Gary
 - Los Angeles
 - Philadelphia

Top Five Expenditures:
 - Housing $166.3 bil.
 - Food $65.3 bil.
 - Cars/Trucks $31.5 bil.
 - Clothing $26.9 bil.
 - Health Care $23.9 bil.

Click here for more stats from "The Buying Power of Black America."
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Bureau Data

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Yankelovich, Burrell release new multicultural study showing economy's impact

(August 11, 2010) Striving for the American Dream has always been a goal for many Americans, but today three-quarters of African-Americans (75%) and Hispanics (76%), along with over two-thirds of Non-Hispanic Whites (68%) believe "the American Dream is more of a dream than a real possibility for most people," according to a new multicultural study from The Futures Company.

The loss of some of the economic gains during the recession, coupled with today's realities of lessening economic possibilities, has deferred the economic dreams of many African-American and Hispanic consumers. Today, 56% of African Americans and 63% of Hispanics say, "The recession will change the way I shop forever," compared to 48% of Non-Hispanic Whites.

Marketers looking to reach and engage these ethnic consumers will need to re-energize them with attractive offers, new product innovations, enthusiastic ways of getting their attention and effective persuasion techniques, according to Sonya Suarez-Hammond, VP, Multicultural Marketing Insights for The Futures Company.

The Yankelovich Multicultural Study 2010, to be released to study client sponsors on August 4, blends proprietary data and cultural insights to explore this central theme of "dreams deferred," a mindset that is driving several key marketplace trends and dynamics, including how African Americans and Hispanics are: "proceeding with caution" as reality checks in and they engage with the marketplace in a post recession era; Being "tougher on self" as they place even greater demands and expectations on themselves; and experiencing and influencing a nation in which "multiculturalism is still evolving."

"Despite economic setbacks and marketplace realities resulting in the need to place some dreams on hold, it is important to note that African Americans and Hispanics are not abandoning their dreams," notes Suarez-Hammond. "For these ethnic consumers the dream will continue, but today they are rethinking priorities and expenditures in order to pursue the dream in a manner that is more responsive to current economic and social realities," she added.

76% of both African Americans and Hispanics say, "I have become a much more cautious person in general as a result of the recent economic turmoil," compared to 65% of Non-Hispanic Whites.

34% of African Americans and 39% of Hispanics agree, "I've recently put off buying something I could afford because I didn't want to seem insensitive to my friends or neighbors with financial troubles," compared to 19% of Non-Hispanic Whites.

62%  of African Americans and 66% of Hispanics agree, "I feel that I have to take whatever I can get in this world because no one is going to give me anything," compared to 53% of Non-Hispanic Whites.
More than three-quarters of all African Americans (84%), Hispanics (82%) and Non-Hispanic Whites (78%) agree, "One of the best things about America is the cultural diversity you find here."

The study was developed in collaboration with Burrell Communications and Cheskin Added Value. Since 2003, the study has been the first of its kind to explore and offer comparative and contrasting views of attitudes and cultural values of the African-American, U.S. Hispanic and Non-Hispanic White markets.

About the Study

The Futures Company collected data via a two-phase process: telephone and Web interviews conducted in the respondents' language of choice (Spanish or English), followed by a self-administered survey returned via mail or the Internet. Both phases of the Yankelovich MONITOR Multicultural Study 2010 were conducted from February 8 to May 3, 2010. The total sample size was 6,266 (1,620 African Americans, 1,645 Hispanics and 3,001 Non-Hispanic Whites). The study includes an African-American identity-expression segmentation model and a Hispanic cultural-affinity acculturation segmentation model.


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