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"Buying Power Of Black America" Report Shows Major Shift In Spending In Repsonse To Economy

 Target Market News releases 15th annual 'Buying Power of Black America' report


 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 began showing signs of the pending economic turmoil that would hit the entire nation. The pattern of purchases shifted dramatically in some categories. Contributions to churches and other non-profits dropped 16% to $11 billion. Expenditures on personal care products and services declined 10% to $6.6 billion. Spending on alcoholic beverages decreased 6% to $2.8 billion. 

Purchases of items related to the home continued to increase despite the need for economic sacrifices. Appliance purchases grew 27% to $2.2 billion. Computers for home use climbed 28% to $3.5 billion. Consumer electronic expenditures went up by 32% to $4.5 billion. 

"African-American households are facing this economy by being more focused in the purchases they make," said Ken Smikle, president of Target Market News and editor of the "Buying Power" report. "In 2008 black consumers had total earned income of $803 billion. They ranked 17th among the economies of the world in comparable gross national income. They continue to be a critical part of the American marketplace, and will contribute substantially in the economic recovery of American business."
 

Apparel Products and Services

$26.9 billion

Appliances

2.2 billion

Beverages (Alcoholic)

2.8 billion

Beverages (Non-Alcoholic)

3.1 billion

Books

289 million

Cars and Trucks - New & Used

31.5 billion

Computers

3.5 billion

Consumer Electronics

4.5 billion

Contributions

11.0 billion

Education

71 billion

Entertainment and Leisure

2.8 billion

Food

65.3 billion

Gifts

3.5 billion

Health Care

23.9 billion

Households Furnishings and Equipment

12.9 billion

Housewares

836 million

Housing and Related Charges

166.3 billion

Insurance

19.0 billion

Media

8.3 billion

Miscellaneous

4.4 billion

Personal Care Products and Services

6.6 billion

Sports and Recreational Equipment

1.0 billion

Telephone Services

17.2 billion

Tobacco Products and Smoking Supplies

3.1 billion

Toys, Games and Pets

2.4 billion

Travel, Transportation and Lodging

6.4 billion

The "Buying Power" report's 100-Plus Index section shows how black households continue to spend on average more than their white counterparts in categories such as food, apparel, appliances, personal care products and services and phone service.

"The Buying Power of Black America" is the nation's most quoted source on the billions of dollars spent annually by African-American consumers on goods and services. The report is a comprehensive research source that has been used by hundreds of Fortune 1000 companies. The report provides updated information in five sections:

- Black Income Data
- Purchases in the Top 30 Black Cities
- Expenditure Trends in 26 Product & Services Categories
- Demographic Data on the Black Population

For more information call 312-408-1881

CONTACT:
Ken Smikle
Target Market News
targetmarketnews@aol.com
312-408-1881

 



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