African Americans represent over 42 million strong consumers, product talkers and brand influencers with a buying power of nearly One Trillion Dollars annually. By 2015, African American buying power is estimated to gain a whopping 35% hitting 1.2 trillion dollars, up from $913 billion in 2008.* African Americans are mega consumers beating out all other ethnic groups in the consumption of automobiles, wine & spirits, baby care products, groceries, health and beauty products, personal care products, apparel, electronics, movies and travel and entertainment.
What does this mean?
With buying power of nearly one trillion annually, if African Americans were a country, they would represent the 16th largest economy in the world (slightly smaller than Canada but larger than Australia) – Nielsen 2011 State of the African American Consumer.
African Americans are crucial to the consumer economy and their sphere of influence is growing rapidly:
Between 2000-2009, African American homes have experienced significant growth amonghouseholds earning $75,000+ (up 63.9%) and households earning $100,000+ (up88.7%) – Nielsen 2011 State of the African American Consumer.
Nearly one out of every seven babies born in the United States are of African American descent – National Center for Health Statistics based on CDC’s National Vital Statistics 2010
There are 1,702 African American babies born daily; more than half a million AA babies (623,029 babies) join our population every year – Source: US Census Statistical Abstracts- Live Births, Birth Rates and Fertility Rates.
Every hour on the hour, there are 71 African American babies entering the world’s population– Source: US Census Statistical Abstracts- Live Births, Birth Rates and Fertility Rates
Letter from RKD President: “Its important for people to know where the bulk of the Black dollar is going. We wanted to share with you the stregnth in numbers and where we are as a people. We have POWER and we must tap into the source of this power to create Wealth for ourselves. We consume but we are not producing as nearly as what we should.” Andrea L. Wilson