African-Americans: Demographic and Consumer Spending Trends, 10th Edition

 
Online Download $3,995
Departmental Site License (one location, 10 users) $5,995
Global Site License $7,990
Published Sep 9, 2016 | 160 Pages | Pub ID: LA15103856

African-Americans: Demographic and Consumer Spending Trends, 10th Edition

The African-American population continues to face daunting economic challenges. Yet, key social and economic indicators point to a significant increase in the number of middle- and higher-income African-Americans over the past decade. During this period, the number of African-American households with an income of $100,000 or more jumped 83%, while the number of African-Americans employed in management and professional occupations grew from 3.8 million to 4.8 million, an increase of 26%. There are now nearly two million blacks who earn at least $75,000 annually.

This Packaged Facts report highlights how this expanding middle- and higher-income segment of African-American consumers has become a key component of growth in financial services. For example, between 2006 and 2016 the number of African-Americans with checking accounts increased 30%, while growth in the number of other consumers with checking accounts was essentially flat. Growth in the number of those using various financial services was also higher for African-Americans in the case of savings accounts (29% vs. 20%), credit cards (22% vs. 5%) and debit cards (85% vs. 62%).

African-Americans: Demographic and Consumer Spending Trends, 10th Edition shows that marketers of financial services can expect a positive response to their messages from higher-income African-American consumers. African-Americans with a household income of $75,000 or more are far more likely than their counterparts in other consumer segments to find advertising for financial services to be interesting (38% vs. 8%). They also are far more likely to read the financial pages of their newspaper (34% vs. 19%).

The spending habits of black consumers generate opportunities in a wide array of other consumer spending categories as well. For example, although African-American homeownership rates remain lower than average, blacks who do own homes are just as likely as other homeowners to have spent between $1,000 and $2,000 on home improvements in the past year and are nearly as likely as other homeowners to have remodeling plans over the next year (18.5% vs. 19.5%). African-American households also provide a unique opportunity for marketers and retailers of home electronics because they dedicate 63% of their entertainment expenditures to audio and visual equipment, while other households dedicate only 36%.

Scope of the Report

This Packaged Facts report analyzes recent consumer spending and demographic trends for the African-American population in the United States. Packaged Facts defines the African-American population as including individuals who identify in Census Bureau data as “black or African-American alone,” regardless of whether they also identify as Hispanic. This definition is consistent with the data categories used by forecasting groups such as the Selig Center for Economic Growth at the University of Georgia. The terms “black” and “African-American” are used interchangeably in this report.

Methodology

The primary source of consumer data in this report is the Simmons National Consumer Study (NCS) for Winter 2015/2016, which was fielded between February and March 2016. The report uses the Spring 2006 NCS for trend analysis tables. On an ongoing basis, Simmons conducts booklet-based surveys of a large and random sample of consumers (approximately 25,000 for each 12-month survey compilation) who in aggregate represent a statistically accurate cross-section of the U.S. population.

U.S. Government sources include data from the Consumer Expenditure Survey (CES) of the Bureau of Labor Statistics (BLS). The CES tracks expenditures of “consumer units,” which are equivalent to Census Bureau “households.” This Packaged Facts report uses the term “households” for the sake of consistency. The report compares consumer expenditure patterns in the CES covering the 12-month period from mid-2014 through mid-2015 with those in the survey covering the 12-month period ending in mid-2012.

The primary Census Bureau source used in this report is the American Community Survey (ACS). Data from ACS date back to 2005. The latest available ACS data cover 2014. Census Bureau population estimates and projections as well as data from the Current Population Survey are also used where appropriate.

The report is also based on data from a range of industry sources, including company websites, press releases, trade publications, business newspapers and magazines and consumer blogs.

  • $2,377.00 Included
    •  
      $93.00 Included
    •  
      $130.00 Included

    • $347.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $120.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

    • $340.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

    • $316.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

    • $162.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

    • $347.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

    • $316.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

    • $172.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

  • $2,893.00 Included

    • $845.00 Included
      •  
        $93.00 Included
      •  
        $172.00 Included

      • $588.00 Included
        •   Top 10 African-American Markets by Region and Buying Power, 2014 (in billion $)

    • $1,254.00 Included
      •  
        $348.00 Included
      •  
        $195.00 Included
      •  
        $93.00 Included
      •  
        $167.00 Included
      •  
        $104.00 Included
      •  
        $93.00 Included
      •  
        $118.00 Included
      •  
        $152.00 Included

    • $656.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $178.00 Included
      •  
        $108.00 Included
      •  
        $97.00 Included
      •  
        $103.00 Included

  • $1,406.00 Included

    • $712.00 Included

      • $125.00 Included
        •   U.S. Population by Race and Hispanic Origin, 2000-2015 (in thousands and percent)
      •  
        $93.00 Included

      • $93.00 Included
        •   Multicultural Population by Race and Hispanic Origin, 2000 vs. 2015

      • $146.00 Included
        •   Profile of Black Population: Black Alone vs. Black Alone/In Combination with Other Race(s) and by Hispanic Origin, 2015 (in thousands)
      •  
        $93.00 Included
      •  
        $158.00 Included

      • $106.00 Included
        •   U.S. Population Projections by Race and Hispanic Origin, 2015, 2020 and 2025 (in thousands)

    • $561.00 Included

      • $128.00 Included
        •   States with Largest African-American Populations, 2015 (in thousands)
      •  
        $159.00 Included
      •  
        $119.00 Included

      • $152.00 Included
        •   Urban Areas Ranked by Size of Black Population, 2015

  • $1,976.00 Included

    • $248.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

    • $464.00 Included

      • $199.00 Included
        •   Number of African-Americans with Associate's Degree or Higher, 2005 vs. 2014 (in thousands)
      •  
        $165.00 Included
      •  
        $98.00 Included

    • $403.00 Included
      •  
        $93.00 Included

      • $181.00 Included
        •   Number of African-Americans in Professional and Related Occupations, 2005 vs. 2014 (in thousands)

      • $175.00 Included
        •   Percent of African-American Men and Women Employed in Management, Business, Science, and Arts Occupations, 2014
        •   Women as Percent of Those Employed in Management, Business, Science, and Arts Occupations: African-American vs. All, 2014

    • $467.00 Included
      •  
        $93.00 Included

      • $133.00 Included
        •   Increase in Number of Households with Income of $75,000 or More: African-American vs. All Households, 2005-2014 (in thousands)

      • $258.00 Included
        •   Number of African-Americans Working Full-Time, Year-Round: By Level of Personal Income and Educational Attainment, 2014 (in thousands)
        •   Number of Black Men Working Full-Time, Year-Round: By Level of Personal Income and Educational Attainment, 2014 (in thousands)
        •   Number of Black Women Working Full-Time, Year-Round: By Level of Personal Income and Educational Attainment, 2014 (in thousands)

    • $261.00 Included
      •  
        $93.00 Included
      •  
        $93.00 Included

      • $93.00 Included
        •   Marital Status of Men and Women 15 Years Old and Over: African-American vs. All, 2014

      • $93.00 Included
        •   Living Arrangements of Children under 18: African-American vs. All, 2015

  • $1,260.00 Included

    • $716.00 Included

      • $103.00 Included
        •   Aggregate Personal Income: African-American vs. Other, 2014

      • $236.00 Included
        •   Growth in Number of African-American and Other Households, 2004-2014 (in thousands)
        •   Growth in Aggregate Consumer Expenditures: African-American vs. Other Households, 2004-2014 (in million $)

      • $93.00 Included
        •   Buying Power of African-American Consumers, 2010-2015 (in billion $)

      • $297.00 Included
        •   Top 10 African-American Markets Ranked by Buying Power, 2014 (in billion $)
        •   Number of African-American Households with Income of $75,000 or More in Top Ten African-American Markets, 2014

    • $433.00 Included

      • $429.00 Included
        •   African-American Households by Income Level, 2005 vs. 2014 (in thousands)
        •   Projected Growth in Buying Power of African-American Consumers, 2015-2020 (in million $ and % cumulative growth)

  • $2,655.00 Included

    • $613.00 Included

      • $385.00 Included
        •   Key Differences in Spending Priorities of African-American vs. Other Households: By Expenditure Category, 2015

      • $228.00 Included
        •   Key Increases in Average Annual Consumer Expenditures of African-American Households: By Expenditure Category, 2012-2015

    • $390.00 Included

      • $254.00 Included
        •   Percent of African-American vs. All Households Planning to Purchase Home Electronics Equipment: By Category, 2016
        •   Percent of African-American vs. All Households Subscribing to Premium Cable Channels: By Name of Channel, 2016

    • $444.00 Included
      •   Percent of Total Consumer Expenditures Allocated to Apparel: African-American vs. Other Households, 2015

      • $93.00 Included
        •   Aggregate Expenditures by African-American Households for Apparel, 2015 (in million $)
      •  
        $126.00 Included
      •  
        $136.00 Included

    • $281.00 Included
      •  
        $93.00 Included

      • $133.00 Included
        •   Amount Spent on Home Improvements in Last 12 Months: African-American vs. Other Homeowners, 2016

      • $93.00 Included
        •   Aggregate Expenditures on Selected Categories of Home Furnishings and Equipment: African-American and Other Households, 2012 vs. 2015 (in million $)

    • $417.00 Included

      • $167.00 Included
        •   Aggregate Spending on Automotive Vehicles: African-American vs. Other Households, 2012 vs. 2015 (in million $)

      • $93.00 Included
        •   Aggregate Spending on New Cars and Trucks: African-American vs. Other Households, 2012 vs. 2015 (in million $)

      • $157.00 Included
        •   Aggregate Spending on Used Cars and Trucks: African-American vs. Other Households, 2012 vs. 2015 (in million $)

    • $202.00 Included

      • $93.00 Included
        •   Aggregate Spending on Health Insurance: African-American vs. Other Households, 2012 vs. 2015 (in million $)

      • $93.00 Included
        •   Aggregate Spending on Vehicle Insurance: African-American vs. Other Households, 2012 vs. 2015 (in million $)

      • $93.00 Included
        •   Aggregate Spending on Life and Other Personal Insurance: African-American vs. Other Households, 2012 vs. 2015 (in million $)

    • $175.00 Included

      • $107.00 Included
        •   Aggregate Spending on Food at Home and Food Away From Home: African-American vs. Other Households, 2012 vs. 2015 (in million $)
      •  
        $93.00 Included

  • $1,643.00 Included

    • $209.00 Included

      • $93.00 Included
        •   Number with Checking or Savings Accounts: African-Americans vs. Other, 2006 vs. 2016 (in thousands)
      •  
        $132.00 Included

    • $611.00 Included
      •  
        $93.00 Included

      • $173.00 Included
        •   Number of Consumers Using Credit Cards: African-American and Other, 2006 vs. 2016 (in thousands)
        •   Number of Households with an Income of $75,000 or More Using Credit Cards: African-American and Other, 2006 vs. 2016 (in thousands)

      • $148.00 Included
        •   Number of African-American vs. Other Consumers Using Credit Cards: By Type of Card, 2006 vs. 2016 (in thousands)

      • $127.00 Included
        •   Number of African-American vs. Other Consumers Using Debit Cards, 2006 vs. 2016 (in thousands)

      • $114.00 Included
        •   Number of African-American vs. Other Consumers Using Debit Cards: By Type of Card, 2006 vs. 2016 (in thousands)

    • $702.00 Included
      •  
        $119.00 Included

      • $100.00 Included
        •   Type of Life Insurance Policy Owned by African-American Households, 2006 vs. 2016 (in thousands)

      • $173.00 Included
        •   Number of African-American and Other Households with Automotive Insurance, 2006 vs. 2016 (in thousands)

      • $120.00 Included
        •   Number with Homeowners Insurance: African-American and Other Households, 2006 vs. 2016 (in thousands)
      •  
        $93.00 Included

      • $113.00 Included
        •   Number of African-American and Other Households with Renters Insurance, 2006 vs. 2016 (in thousands)

  • $1,582.00 Included

    • $416.00 Included
      •  
        $93.00 Included

      • $171.00 Included
        •   Effectiveness of Product Placement: African-American vs. Other Consumers, 2016

      • $101.00 Included
        •   Effectiveness of Television Advertising: African-American vs. Other Consumers, 2016
      •  
        $93.00 Included

    • $1,075.00 Included
      •  
        $136.00 Included
      •  
        $112.00 Included
      •  
        $121.00 Included
      •  
        $235.00 Included
      •  
        $127.00 Included
      •  
        $143.00 Included
      •  
        $93.00 Included
      •  
        $110.00 Included

In this report, {{keyword[keywordTextProperty]}} appears {{keyword[keywordCountProperty]}} times. {{searchResults.STATRESULT.SUMMARY.KW[keywordTextProperty]}} appears {{searchResults.STATRESULT.SUMMARY.KW[keywordCountProperty]}} times.

We were unable to search inside this report.

Search for an exact word or phrase by placing the word or phrase in quotation marks ("market trend"). Search for different versions or tenses of a word by placing an asterisk at the end of the word (pharma*).

Please note that your term must be at least three characters long and numbers will be blocked by the # sign.