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

Sep 9, 2016
160 Pages - Pub ID: LA15103856
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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.
CHAPTER 1 EXECUTIVE SUMMARY
Scope of the Report
Methodology
INSIGHTS AND OPPORTUNITIES
African-Americans Express Optimism About the Future
Many Reasons for Optimism
African-Americans Help Drive Growth in Financial Services
Life Insurance Especially Important to Black Consumers
Higher-Income Black Consumers Present Major Opportunity for Financial Firms
Traditional and New Media Both Succeed with Black Consumers
POPULATION TRENDS
Black Population Nears 43 Million
African-American Population Maintains Steady Presence in America
Blacks Lose Ground to Other Multicultural Segments
Black Population a Multifaceted Demographic Segment
Nearly One in 10 Blacks Is Foreign-Born
Black Population Expected to Show Steady Growth Over Next Decade
South Still the Core of Black Population
Migration Continues to Shape Black Experience
African-Americans Have Significant Urban Presence
DEMOGRAPHIC TRENDS
Blacks Key Segment of Younger Age Groups
Women More Predominant in Black Population
More African-Americans Achieve Educational Success
Professional Employment on Upswing
Black Women Predominate in Many Management and Professional Occupations
Number of Affluent Black Households Grows Faster Than Average
One in Three African-Americans Earn $50,000 and Over
African-American Household Structure More Diverse
AFRICAN-AMERICAN BUYING POWER
Expenditures by African-American Consumers Show Significant Growth
African-American Buying Power Concentrated in Large Urban Areas
Affluent Black Households Wield Significant Buying Power
RECENT CONSUMER SPENDING TRENDS
Black Consumers More Likely to Be Planning to Purchase Home Electronics
Black Households Differ from Other Households in Apparel Spending Priorities
Personal Care Items Get High Priority
Black Homeowners Solid Customers for Home Improvement Outlets
Spending on Appliances Up Sharply
Black Consumers Help Drive Auto Buying Boom
African-Americans Join Eating Out Trend
USE OF FINANCIAL SERVICES BY AFRICAN-AMERICANS
Black Consumers Increase Use of Banking Services
African-Americans Important Growth Segment for Banks
Use of Credit Cards on the Rise, Especially Among Affluent Blacks
Department Store Cards Show Highest Growth
Dramatic Increase in Debit Card Use
African-Americans Place High Value on Life Insurance
More Black Consumers View Life Insurance as Investment Vehicle
Auto Insurance Registers Gain Among Black Consumers
Black Consumers More Likely to Buy Homeowners Insurance Directly from Company
MARKETING TRENDS
Brands Can Reach Black Consumers on Social Media
Product Placement Gets Thumbs Up From Black Consumers
TV Advertising Attracts African-American Viewers
BET Retains Top Spot Among African-American Viewers
CHAPTER 2 INSIGHTS AND OPPORTUNITIES
TOPLINE INSIGHTS
Black Consumers Stay Confident
Figure 2-1: Percent of African-American vs. Other Consumers Ranked as “Highly Confident,” 2016
African-Americans Express Optimism About the Future
Figure 2-2: Percent of African-American vs. Other Consumers Who Think They Will Be Better Off Financially 12 Months From Now, 2016
Many Reasons for Optimism
Figure 2-3: Selected Measures of Economic Progress of African-American Consumers, 2005 vs. 2014
Table 2-1: Top 10 African-American Markets by Region and Buying Power, 2014
Figure 2-4: Aggregate Personal Income of African-Americans by Region, 2014
MARKET TRENDS AND OPPORTUNITIES: FINANCIAL SERVICES
African-Americans Help Drive Growth in Financial Services
Figure 2-5: African-American Consumers as Percent of Growth in Use of Financial Services by Category
Figure 2-6: Percent Change in Number of African-American vs. Other Consumers Using Selected Financial Services, 2006-2016
Figure 2-7: Percent of African-American vs. Other Consumers with Bank Accounts Who Used a Banking/Finance Smartphone App in Last 30 Days, 2016
Figure 2-8: Percent of Consumer Expenditures Allocated to Personal Insurance and Pensions by African-American and All Higher-Income Households, 2010-2012
Life Insurance Especially Important to Black Consumers
Figure 2-9: Percent of African-American and Other Households With Whole/Universal/Variable (Cash Value) Life Insurance Policies, 2006 vs. 2016
Affluent Blacks Avid Consumers of Information about Financial Services
Figure 2-10: Attitudes of Higher-Income African-American vs. Other Consumers Toward Information About Financial Services, 2016
Higher-Income Black Consumers Present Major Opportunity for Financial Firms
Figure 2-11: Percent of Higher-Income African-American and Other Households With Any Investment, 2006 vs. 2016
Figure 2-12: Percent of Higher-Income African-American vs. Other Consumers with 401K, 2006-2016
Financial Services Marketers Focus on Building Ties with Black Community
Traditional and New Media Both Succeed with Black Consumers
Figure 2-13: Receptivity of African-American Consumers Toward Various Media, 2016
Affluent Blacks Seen as “Missed Opportunity” for Financial Advisers
African-Americans Still Underserved by Financial Services Industry
Figure 2-14: Percent Agreeing “I Am Uncomfortable Trusting My Money to a Bank,” African-American vs. Other Consumers, 2016
Figure 2-15: Number of Black-Owned Banks in the United States, 2001-2015
OTHER MARKETING OPPORTUNITIES
African-American Spending Priorities Create Wide Range of Opportunities
Home Electronics
Figure 2-16: Allocation of Expenditures for Entertainment by Category, Black vs. Other Households, 2015
Clothing and Footwear
Figure 2-17: Allocation of Apparel and Footwear Expenditures by Category, African-American vs. Other Households, 2015
Personal Care Products and Services
Figure 2-18: Percent of African-American vs. Other Consumers Agreeing “I Spend a Lot of Money on Toiletries and Cosmetics for Personal Use,” 2016
Figure 2-19: Percent of African-American vs. Other Consumers Agreeing “When Buying Toiletries the Brand I Choose Is Very Important to Me,” 2016
Home Improvement and Home Furnishings
Figure 2-20: Home Improvement and Remodeling Activities of African-American and Other Homeowners, 2016
Automotive
Figure 2-21: Percent Increase in Aggregate Expenditures on Automotive Vehicles by Black and Other Households by Vehicle Category, 2012-2015
Foodservice
Figure 2-22: Percent Growth in Aggregate Expenditures by African-American Households on Food at Home and Food Away From Home, 2012-2015
CHAPTER 3 POPULATION TRENDS
AFRICAN-AMERICAN POPULATION GROWTH TRENDS
Black Population Nears 43 Million
Table 3-1: U.S. Population by Race and Hispanic Origin, 2000-2015
Figure 3-1: Percent Growth in U.S. Population by Race and Hispanic Origin, 2000-2015
Figure 3-2: Black and Other Population Segments as Percent of Total Population Growth,2000-2015
African-American Population Maintains Steady Presence in America
Figure 3-3: African-Americans as Percent of U.S. Population, 1995-2015
Blacks Lose Ground to Other Multicultural Segments
Table 3-2: Multicultural Population by Race and Hispanic Origin, 2000 vs. 2015
Black Population a Multifaceted Demographic Segment
Figure 3-4: Population of Black Alone vs. Population of Black Alone or in Combination with Other Race or Races, 2015
Table 3-3: Profile of Black Population: Black Alone vs. In Combination with Other Race or Races and by Hispanic Origin, 2015
Nearly One in 10 Blacks Is Foreign-Born
Figure 3-5: Percent Foreign-Born in Black Population, 2005 vs. 2014
One in Six Blacks Will Be Foreign-Born by 2060
Black Population Expected to Show Steady Growth Over Next Decade
Table 3-4: U.S. Population Projections by Race and Hispanic Origin, 2015, 2020 and 2025
Figure 3-6: Percent Growth of Black and Other Population Segments, 2015-2025
WHERE AFRICAN-AMERICANS LIVE
New York Has Largest Black Population
Table 3-5: States with Largest African-American Populations, 2015
South Is Home to Majority of Black Population
Figure 3-7: Regional Distribution of Black Population, 2015
Figure 3-8: States Ranked by Percentage of African-American Population, 2015
Migration Continues to Shape Black Experience
Figure 3-9: States with Largest Increase in Black Population, 2000-2015
African-Americans Have Significant Urban Presence
Table 3-10: Urban Areas Ranked by Size of Black Population, 2015
CHAPTER 4 DEMOGRAPHIC TRENDS
AGE AND GENDER
African-Americans Younger Than Most Others
Figure 4-1: Median Age of Black and Other Population Segments, 2015
Figure 4-2: Percent of Black and Non-Hispanic White Populations Over and Under 40 Years of Age,2015
Blacks Key Segment of Younger Age Groups
Figure 4-3: African-Americans as Percent of Selected Age Groups, 2014
African-Americans Help Shape Multicultural Shift
Figure 4-4: Non-Hispanic White and Multicultural Population Segments as Percent of U.S. Population,2015
Women More Predominant in Black Population
Figure 4-5: Percent of Women by Age Group, African-American vs. Total Population, 2014
EDUCATIONAL ATTAINMENT
More African-Americans Achieve Educational Success
Figure 4-6: Educational Attainment of African-American vs. All Adults 25 Years Old and Over, 2014
Figure 4-7: Educational Attainment of African-Americans 25 Years Old and Over,2005 vs. 2014
Table 4-1: Number of African-Americans with Associate’s Degree or Higher, 2005 vs. 2014
Figure 4-8: Percent Increase in Number of African-American and All Adults 25 Years Old and Over with Associate’s Degree or Higher, 2005-2014
Wider On-Campus Gender Gap Creates Greater Educational Disparity
Figure 4-9: Percent of African-American Men and Women Enrolled in Undergraduate or Graduate Institution, 2005 vs. 2014
Figure 4-10: Men and Women as Percent of Those Enrolled in Undergraduate or Graduate Institutions, African-American vs. All, 2014
Figure 4-11: Men and Women as Percent of Those 25 Years Old and Over with Associates Degree or Higher, African-American vs. All, 2014
Gender Gap Keeps Widening
Figure 4-12: Percent of African-American Men and Women 25 Years Old and Over with Associate’s Degree or Higher, 2005 vs. 2014
Figure 4-13: Number of African-Americans 25 Years Old and Over with Associate’s Degree or Higher by Gender, 2014
OCCUPATIONAL TRENDS
African-American Employment Concentrated in Service and Sales
Figure 4-14: Occupational Categories: African-American vs. All Adults, 2014
Professional Employment on Upswing
Figure 4-15: Number of African-Americans in Management, Professional, Science and Arts Occupations, 2005 vs. 2014
Table 4-2: Number of African-Americans in Professional and Related Occupations,2005 vs. 2014
Black Women Predominate in Many Management and Professional Occupations
Table 4-3: Percent of African-American Men and Women Employed in Management, Business, Science and Arts Occupations, 2014
Table 4-4: Women as Percent of Those Employed in Management, Business, Science and Arts Occupations, African-American vs. All, 2014
HOUSEHOLD AND PERSONAL INCOME
Household Income Still Lags Behind the Average
Figure 4-16: Distribution of Household Income, African-American vs. All Households, 2014
Figure 4-17: Mean Household Income by Race and Hispanic Origin, 2014
Number of Affluent Black Households Grows Faster Than Average
Table 4-5: Increase in Number of Households with Income of $75,000 or More, African-American vs. All Households, 2005-2014
Figure 4-18: Number of African-American Households with Income of $100,000 or More, 2005 vs. 2014
One in Three African-Americans Earn $50,000 and Over
Table 4-6: Number of African-Americans Working Full-Time, Year-Round or More by Level of Personal Income and Educational Attainment, 2014
Table 4-7: Number of Black Men Working Full-Time, Year-Round or More by Level of Personal Income and Educational Attainment, 2014
Table 4-8: Number of Black Women Working Full-Time, Year-Round or More by Level of Personal Income and Educational Attainment, 2014
HOUSEHOLD AND FAMILY STRUCTURE
African-American Household Structure More Diverse
Figure 4-19: Type of Household, African-American vs. All Households, 2015
African-American Households Are of Average Size
Figure 4-20: Average Household Size, African-American vs. All Households, 2014
Marriage Less Common
Table 4-9: Marital Status of Men and Women 15 Years Old and Over, African-American vs. All, 2014
Half of African-American Children Live With One Parent
Table 4-10: Living Arrangements of Children under 18, African-American vs. All Children, 2015
CHAPTER 5 AFRICAN-AMERICAN BUYING POWER
TRENDS IN AFRICAN-AMERICAN BUYING POWER
African-Americans Register Above-Average Growth in Aggregate Income
Figure 5-1: Percent Increase in Aggregate Personal Income, African-American vs. Other Consumers, 2004-2014
Table 5-1: Aggregate Personal Income, African-American vs. Other Population Segments, 2014
Figure 5-2: Percent of Aggregate Personal Income, African-American vs. Other Population Segments, 2014
Expenditures by African-American Consumers Show Significant Growth
Table 5-2: Growth in Number of African-American and Other Households, 2004-2014
Figure 5-3: Percent Growth in Number of African-American and Other Households, 2004-2014
Table 5-3: Growth in Aggregate Consumer Expenditures, African-American vs. Other Households,2004-2014
Figure 5-4: Percent Growth in Aggregate Consumer Expenditures, African-American vs. Other Households, 2004-2014
African-American Buying Power Reaches $1.3 Trillion
Table 5-4: Buying Power of African-American Consumers, 2010-2015
African-American Buying Power Concentrated in Large Urban Areas
Table 5-5: Top 10 African-American Markets Ranked by Buying Power, 2014
Table 5-6: Number of African-American Households with Income of $75,000 or More in Top Ten African-American Markets, 2014
PROJECTED GROWTH IN AFRICAN-AMERICAN BUYING POWER
Factors Affecting Growth in African-American Buying Power
Figure 5-5: Percent Population Growth 2015-2020, African-Americans vs. Non-Hispanic Whites
Table 5-7: African-American Households by Income Level, 2005 vs. 2014
Figure 5-6: Percent of African-American vs. Other Consumers Ranked as “Highly Confident,” 2016
Figure 5-7: Unemployment Rate of African-American and Other 25- to 54-Year-Olds,2010-2015
African-American Buying Power Will Increase at Healthy Rate
Table 5-8: Projected Growth in Buying Power of African-American Consumers, 2015-2020
CHAPTER 6 RECENT CONSUMER SPENDING TRENDS
OVERVIEW
Spending Priorities Differ
Table 6-1: Key Differences in Spending Priorities of African-American and Other Households by Expenditure Category, 2015
Recent Spending Trends Highlighted
Table 6-2: Key Increases in Average Annual Consumer Expenditures of African-American Households by Expenditure Category, 2012-2015
CONSUMER SPENDING HIGHLIGHTS: HOME ENTERTAINMENT
Figure 6-1: Allocation of Entertainment Expenditures by African-American Households by Category, 2015
Figure 6-2: Allocation of Entertainment Expenditures by Other American Households by Category, 2015
Figure 6-3: Aggregate Expenditures on Audio and Visual Equipment and Services, African-American vs. Other Households, 2015
Black Consumers More Likely to Be Planning to Purchase Home Electronics
Figure 6-4: Percent of African-American and Other Households Owning Three or More DVD Players and Four or More TVs, 2016
Table 6-3: Percent of African-American and All Households Planning to Purchase Home Electronics Equipment by Category, 2016
Table 6-4: Percent of African-American and All Households Subscribing to Premium Cable Channels by Name of Channel, 2016
SPENDING HIGHLIGHTS: APPAREL AND PERSONAL CARE PRODUCTS
Table 6-5: Percent of Total Consumer Expenditures Allocated to Apparel, African-American vs. Other Households, 2015
Apparel Purchases Total $26 Billion
Table 6-6: Aggregate Expenditures by African-American Households for Apparel, 2015
Black Households Differ from Other Households in Apparel Spending Priorities
Figure 6-5: Expenditures on Apparel by Category, African-American vs. Other Households, 2015
Figure 6-6: Percent of African-American and Other Households Spending $400 or More in Past 12 Months on Children’s Apparel, 2016
Personal Care Items Get High Priority
Figure 6-7: Aggregate Spending by African-American Households on Personal Care Products and Services, 2012-2015
Figure 6-8: Spending by African-American vs. Other Consumers on Fragrances in Last 12 Months (Men and Women), 2016
SPENDING HIGHLIGHTS: HOME IMPROVEMENT AND HOME FURNISHINGS
Black Homeowners Increase Spending on Home Repairs and Maintenance
Figure 6-9: Aggregate Expenditures by African-American Homeowners on Maintenance, Repairs, Insurance and Other Expenses, 2012 vs. 2015
Black Homeowners Solid Customers for Home Improvement Outlets
Table 6-7: Amount Spent on Home Improvements in Last 12 Months by African-American and Other Homeowners, 2016
Figure 6-10: Percent of African-American and Other Homeowners Planning to Remodel in Next 12 Months, 2016
Spending on Appliances Up Sharply
Table 6-8: Aggregate Expenditures on Selected Categories of Home Furnishings and Equipment by African-American and Other Households, 2012 vs. 2015
CONSUMER SPENDING HIGHLIGHTS: AUTOMOTIVE
Black Consumers Help Drive Auto Buying Boom
Table 6-9: Aggregate Spending on Automotive Vehicles, African-American vs. Other Households,2012 vs. 2015
Figure 6-11: Percent Increase in Aggregate Spending on Automotive Vehicles, African-American vs. Other Households, 2012-2015
Figure 6-12: African-American Households as Percent of Aggregate Spending on Automotive Vehicles, 2012 vs. 2015
Figure 6-13: African-American Households as Percent of Growth in Total Aggregate Spending on Automotive Vehicles, 2012-2015
African-American Expenditures on New Cars and Trucks Up 51%
Table 6-10: Aggregate Spending on New Cars and Trucks, African-American vs. Other Households,2012 vs. 2015
Figure 6-14: Percent Increase in Aggregate Spending on New Cars and Trucks, African-American vs. Other Households, 2012-2015
Used Autos Retain Appeal
Table 6-11: Aggregate Spending on Used Cars and Trucks, African-American vs.
Other Households, 2012 vs. 2015
Figure 6-15: Percent Increase in Aggregate Spending on Used Cars and Trucks, African-American
vs. Other Households, 2012-2015
Figure 6-16: Percent of Aggregate Spending on Automotive Vehicles Allocated to Used Cars and Trucks, African-American vs. Other Households, 2012-2015
CONSUMER SPENDING HIGHLIGHTS: INSURANCE
Health Insurance Expenditures Up Dramatically
Table 6-12: Aggregate Spending on Health Insurance, African-American vs. Other Households,2012 vs. 2015
Spending on Vehicle Insurance Flat
Table 6-13: Aggregate Spending on Vehicle Insurance, African-American vs. Other Households,2012 vs. 2015
Spending on Life and Other Personal Insurance Declines
Table 6-14: Aggregate Spending on Life and Other Personal Insurance, African-American vs. Other Households, 2012 vs. 2015
CONSUMER SPENDING HIGHLIGHTS: FOOD
African-Americans Join Eating Out Trend
Table 6-15: Aggregate Spending on Food at Home and Food Away From Home, African-American vs. Other Households, 2012 vs. 2015
African-Americans Major Customer Base for Fast Food and Family Restaurants
Figure 6-17: Percent Who Are Frequent Visitors to Fast Food and Family Restaurants in
Past 30 Days, African-American vs. Other Households, 2016
CHAPTER 7 USE OF FINANCIAL SERVICES BY AFRICAN-AMERICANS
BANKING SERVICES
Black Consumers Increase Use of Banking Services
Table 7-1: Number of African-American vs. Other Consumers with Checking or Savings Accounts,2006 vs. 2016
African-Americans Important Growth Segment for Banks
Figure 7-1: African-Americans as Percent of Consumers with Checking or Savings Accounts,2006 vs. 2016
Figure 7-2: African-Americans as Percent of Growth in Number of Consumers with Checking Accounts, 2006-2016
CREDIT AND DEBIT CARDS
Black Consumers Turn Away From Cash Transactions
Figure 7-3: Percent Agreeing “I Often Prefer to Pay Cash for Things I Buy,” 2016
Use of Credit Cards on the Rise, Especially Among Affluent Blacks
Table 7-2: Number of African-American vs. Other Consumers Using Credit Cards, 2006 vs. 2016
Table 7-3: Number of African-American vs. Other Consumers with Household Income of $75,000 or More Using Credit Cards, 2006 vs. 2016
Figure 7-4: African-Americans as Percent of Growth in Number of Consumers Using Credit Cards,2006-2016
Department Store Cards Show Highest Growth
Table 7-4: Number of African-American vs. Other Consumers Using Credit Cards by Type of Card,2006 vs. 2016
Dramatic Increase in Debit Card Use
Table 7-5: Number of African-American vs. Other Consumers Using Debit Cards, 2006 vs. 2016
Figure 7-5: Percent Increase in Number of African-American vs. Other Consumers Using
Debit Cards, 2006-2016
Figure 7-6: African-Americans as Percent of Growth in Number of Consumers Using Debit Cards,2006-2016
MasterCard Debit Card Gains Ground Among African-Americans
Table 7-6: Number of African-American vs. Other Consumers Using Debit Cards by Type of Card,2006 vs. 2016
INSURANCE
African-Americans Place High Value on Life Insurance
Figure 7-7: Percent of African-American vs. Other Consumers Agreeing “When It Comes To
Life Insurance, I Make Sure I Am Well-Insured by Having All the Coverage I Need” by Household Income Level, 2016
Figure 7-8: African-American Households as Percent of Households with Life Insurance,2006 vs. 2016
More Black Consumers View Life Insurance as Investment Vehicle
Table 7-7: Type of Life Insurance Policy Owned by African-American Households, 2006 vs. 2016
Auto Insurance Registers Gain Among Black Consumers
Table 7-8: Number of African-American and Other Households with Automotive Insurance,2006 vs. 2016
Figure 7-9: Percent of African-American and Other Households Owning Automotive Insurance,2006 vs. 2016
Figure 7-10: African-Americans as Percent of Growth in Number of Households Owning
Automotive Insurance, 2006-2016
Number of Black Households with Homeowners Insurance Shows Steady Growth
Table 7-9: Number of African-American and Other Households with Homeowners Insurance,2006 vs. 2016
Figure 7-11: Percent of African-American and Other Households with Homeowners Insurance,2006 vs. 2016
Black Consumers More Likely to Buy Homeowners Insurance Directly from Company
Figure 7-12: How African-American and Other Households with Homeowners Insurance
Obtained Their Policy, 2006-2016
Market for Renters Insurance Explodes
Table 7-10: Number of African-American and Other Households with Renters Insurance,2006 vs. 2016
Figure 7-13: African-Americans as Percent of Growth in Number of Households with Renters Insurance, 2006-2016
CHAPTER 8 MARKETING TRENDS
OVERVIEW
Brands Can Reach Black Consumers on Social Media
Figure 8-1: Attitudes of African-American vs. Other Consumers Toward Social Media, 2016
Product Placement Gets Thumbs Up From Black Consumers
Table 8-1: Effectiveness of Product Placement, African-American vs. Other Consumers, 2016
TV Advertising Attracts African-American Viewers
Table 8-2: Effectiveness of Television Advertising, African-American vs. Other Consumers, 2016
BET Retains Top Spot Among African-American Viewers
Figure 8-2: Cable Television Networks Most Popular Among African-Americans, 2016
MARKETING APPROACHES
JPMorgan Chase Invests in African-American Entrepreneurs
Illustration: JPMorgan Chase and VEDC Support African-American-Owned Small Businesses
Prudential Highlights African-American Businesses
Illustration: Prudential’s “Titans of Industry”
Allstate Shares Stories “Worth Telling”
Illustration: Allstate’s “Worth Telling” Campaign
Wells Fargo Celebrates African-American Culture
Illustration: Wells Fargo’s “Untold Stories” Collection
Illustration: Wells Fargo’s Customized Debit and Credit Cards
State Farm Reaches Out to African-American Community
Ford Honors Unsung Heroes
Illustration: Ford’s Freedom Unsung Program
Hyundai Recognizes Women of Color
Illustration: Hyundai’s Salute Her Campaign
Lexus Sponsors Show on TV One
Illustration: Lexus Verses and Flow

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