Black Spending Power

 

The black buying power in this country is growing at an extraordinary rate of speed and it doesn’t look like it is will be slowing down anytime soon.  Just imagine if you had a business on the receiving end of just a portion of the 1 trillion dollars that will be the amount of black spending power.  This money alone could probably put a dent in the economy and at the very least minimize some of the impoverished areas in the country.

 

There were always reports about the spending power in the black community but this is the most complete report of the data that I’ve seen to date. This report displays actual figures and a detailed breakdown of the spending habits in our communities. The report was compiled by a partnership between Nielsen and The National Newspaper Publishers Association.

This kind of information is not only great to hear but also very empowering to the black community. One of the primary reasons is that WE can use the spending power of the black Community to BENEFIT the black community.  This is especially important because we are some of the people affected by poverty the most.

 

With this kind of spending power we need to be more strategic in our spending habits. One of the things that the report also displayed is that although black people do SPEND money we DO NOT save money or make investments, as we should. This is something that we should all think about.  It is GREAT to purchase nice things but we should also view SAVING and or investing as a way of creating and avenue to have nice things IN THE FUTURE.

 

We should also consider funneling some of this money back into our communities, some of which are in dire need of uplifting and improving. Additionally we should take a look at some of our black owned business as a means of funneling money back into our communities.  The Blackness is compiling data now for what will be the most comprehensive online GLOBAL Black Business Directory!

 

Take a look at some of the important information about black spending power

  • With a buying power of nearly $1 trillion annually, if Blacks were a country, they’d be the 16th largest country in the world.
  • The number of Black households earning $75,000 or higher grew by almost 64 percent, a rate close to 12 percent greater than the change in the overall population’s earning between 2000 and 2009. This continued growth in affluence, social influence and household income will continue to impact the community’s economic power.
  • Blacks make more shopping trips than all other groups, but spend less money per trip. Blacks in higher income brackets, also spend 300 percent more in higher end retail grocers more than any other high-income household.
  • There were 23.9 million active Black Internet users in July 2011—76 percent of whom visited a social networking/blog site.
  • Thirty-three percent of all Blacks own a smart phone.
  • Black Americans use more than double the amount of mobile phone voice minutes compared to whites—1,298 minutes a month vs. 606.
  • The percentage of Blacks attending college or earning a degree has increased to 44 percent for men and 53 percent for women.

 

The facts above are clear example of WHY we need to think about what we spend, how we spend and where we spend or money.

Download a copy of the entire report on black spending power Here!

 

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