African American Demographics - Market Research, Industry Trends, Market Share, Consumer Insights


Published: 09/09/2016
Pages: 160
Full Study Price: US$ 3,195

Key social economic indicators point to a significant increase in the population of middle- higher-income African Americans over the past decade. During this period, the number of Africa American households with an income of $100,000 or more jumped 83%, while the number of African Americans employed in management professional occupations grew from 3.8 million to 4.8 million, an increase of 26%.
African-Americans: Demographic Consumer Spending Trends, 10th Edition shows that financial services marketers can expect a positive response from higher-income African American consumers. African Americans with household incomes of $75,000 or more are much more likely than their counterparts in other consumer segments to find advertising for financial services to be interesting (38% vs. 8%). higher-income African Americans are far more likely than counterparts in other consumer segments to read financial pages of their newspaper (34% vs. 19%). This report uncovers the myriad opportunities in a wide array of consumer spending categories that are being generated by the spending habits of higher-income African American consumers
This Report analyzes recent consumer spending demographic trends of African American consumer in the United States. African-Americans: Demographic Consumer Spending Trends, 10th Edition defines the African American population as individuals who identify in Census Bureau data as “black or African-American alone”, regardless of whether they also identify as Hispanic. Primary data sources used in the report include Simmons National Consumer Study (NCS) for Winter 2015/2016, U.S. Government data sources from the Consumer Expenditure Survey (CES) of the Bureau of Labor Statistics (BLS), Census Bureau source the American Community Survey (ACS). The report is also based on data from a range of industry sources, including company website, press releases, trade publication, business newspapers, magazines consumer blogs.

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Table Of Contents

  • 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
      • African-American Buying Power Will Approach $1.5 Trillion in 2020
    • 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
  • Insights and Opportunities
    • Topline Insights
      • Black Consumers Stay Confident
      • African-Americans Express Optimism About the Future
      • Many Reasons for Optimism
        • Table Top 10 African-American Markets by Region and Buying Power, 2014 (in billion $)
    • Market Trends and Opportunities: Financial Services
      • African-Americans Help Drive Growth in Financial Services
      • Life Insurance Especially Important to Black Consumers
      • Affluent Blacks Avid Consumers of Information about Financial Services
      • Higher-Income Black Consumers Present Major Opportunity for Financial Firms
      • Financial Services Marketers Focus on Building Ties with Black Community
      • Traditional and New Media Both Succeed with Black Consumers
      • Affluent Blacks Seen as "Missed Opportunity" for Financial Advisers
      • African-Americans Still Underserved by Financial Services Industry
    • Other Marketing Opportunities
      • African-American Spending Priorities Create Wide Range of Opportunities
      • Home Electronics
      • Clothing and Footwear
      • Personal Care Products and Services
      • Home Improvement and Home Furnishings
      • Automotive
      • Foodservice
  • Population Trends
    • African-American Population Growth Trends
      • Black Population Nears 43 Million
        • Table U.S. Population by Race and Hispanic Origin, 2000-2015 (in thousands and percent)
      • African-American Population Maintains Steady Presence in America
      • Blacks Lose Ground to Other Multicultural Segments
        • Table Multicultural Population by Race and Hispanic Origin, 2000 vs. 2015
      • Black Population a Multifaceted Demographic Segment
        • Table Profile of Black Population: Black Alone vs. Black Alone/In Combination with Other Race(s) and by Hispanic Origin, 2015 (in thousands)
      • Nearly One in 10 Blacks Is Foreign-Born
      • One in Six Blacks Will Be Foreign-Born by 2060
      • Black Population Expected to Show Steady Growth Over Next Decade
        • Table U.S. Population Projections by Race and Hispanic Origin, 2015, 2020 and 2025 (in thousands)
    • Where African-Americans Live
      • New York Has Largest Black Population
        • Table States with Largest African-American Populations, 2015 (in thousands)
      • South Is Home to Majority of Black Population
      • Migration Continues to Shape Black Experience
      • African-Americans Have Significant Urban Presence
        • Table Urban Areas Ranked by Size of Black Population, 2015
  • Demographic Trends
    • Age and Gender
      • African-Americans Younger Than Most Others
      • Blacks Key Segment of Younger Age Groups
      • African-Americans Help Shape Multicultural Shift
      • Women More Predominant in Black Population
    • Educational Attainment
      • More African-Americans Achieve Educational Success
        • Table Number of African-Americans with Associate's Degree or Higher, 2005 vs. 2014 (in thousands)
      • Wider On-Campus Gender Gap Creates Greater Educational Disparity
      • Gender Gap Keeps Widening
    • Occupational Trends
      • African-American Employment Concentrated in Service and Sales
      • Professional Employment on Upswing
        • Table Number of African-Americans in Professional and Related Occupations, 2005 vs. 2014 (in thousands)
      • Black Women Predominate in Many Management and Professional Occupations
        • Table Percent of African-American Men and Women Employed in Management, Business, Science, and Arts Occupations, 2014
        • Table 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
      • Number of Affluent Black Households Grows Faster Than Average
        • Table Increase in Number of Households with Income of $75,000 or More: African-American vs. All Households, 2005-2014 (in thousands)
      • One in Three African-Americans Earn $50,000 and Over
        • Table Number of African-Americans Working Full-Time, Year-Round: By Level of Personal Income and Educational Attainment, 2014 (in thousands)
        • Table Number of Black Men Working Full-Time, Year-Round: By Level of Personal Income and Educational Attainment, 2014 (in thousands)
        • Table Number of Black Women Working Full-Time, Year-Round: By Level of Personal Income and Educational Attainment, 2014 (in thousands)
    • Household and Family Structure
      • African-American Household Structure More Diverse
      • African-American Households Are of Average Size
      • Marriage Less Common
        • Table 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 Living Arrangements of Children under 18: African-American vs. All, 2015
  • African-American Buying Power
    • Trends in African-American Buying Power
      • African-Americans Register Above-Average Growth in Aggregate Income
        • Table Aggregate Personal Income: African-American vs. Other, 2014
      • Expenditures by African-American Consumers Show Significant Growth
        • Table Growth in Number of African-American and Other Households, 2004-2014 (in thousands)
        • Table Growth in Aggregate Consumer Expenditures: African-American vs. Other Households, 2004-2014 (in million $)
      • African-American Buying Power Reaches $1.3 Trillion
        • Table Buying Power of African-American Consumers, 2010-2015 (in billion $)
      • African-American Buying Power Concentrated in Large Urban Areas
        • Table Top 10 African-American Markets Ranked by Buying Power, 2014 (in billion $)
        • Table 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
        • Table African-American Households by Income Level, 2005 vs. 2014 (in thousands)
        • Table Projected Growth in Buying Power of African-American Consumers, 2015-2020 (in million $ and % cumulative growth)
  • Consumer Spending Trends
    • Overview
      • Spending Priorities Differ
        • Table Key Differences in Spending Priorities of African-American vs. Other Households: By Expenditure Category, 2015
      • Recent Spending Trends Highlighted
        • Table Key Increases in Average Annual Consumer Expenditures of African-American Households: By Expenditure Category, 2012-2015
    • Consumer Spending Highlights: Home Entertainment
      • Black Consumers More Likely to Be Planning to Purchase Home Electronics
        • Table Percent of African-American vs. All Households Planning to Purchase Home Electronics Equipment: By Category, 2016
        • Table Percent of African-American vs. All Households Subscribing to Premium Cable Channels: By Name of Channel, 2016
    • Spending Highlights: Apparel and Personal Care Products
      • Table Percent of Total Consumer Expenditures Allocated to Apparel: African-American vs. Other Households, 2015
      • Apparel Purchases Total $26 Billion
        • Table Aggregate Expenditures by African-American Households for Apparel, 2015 (in million $)
      • Black Households Differ from Other Households in Apparel Spending Priorities
      • Personal Care Items Get High Priority
    • Spending Highlights: Home Improvement and Home Furnishings
      • Black Homeowners Increase Spending on Home Repairs and Maintenance
      • Black Homeowners Solid Customers for Home Improvement Outlets
        • Table Amount Spent on Home Improvements in Last 12 Months: African-American vs. Other Homeowners, 2016
      • Spending on Appliances Up Sharply
        • Table Aggregate Expenditures on Selected Categories of Home Furnishings and Equipment: African-American and Other Households, 2012 vs. 2015 (in million $)
    • Consumer Spending Highlights: Automotive
      • Black Consumers Help Drive Auto Buying Boom
        • Table Aggregate Spending on Automotive Vehicles: African-American vs. Other Households, 2012 vs. 2015 (in million $)
      • African-American Expenditures on New Cars and Trucks Up 51%
        • Table Aggregate Spending on New Cars and Trucks: African-American vs. Other Households, 2012 vs. 2015 (in million $)
      • Used Autos Retain Appeal
        • Table Aggregate Spending on Used Cars and Trucks: African-American vs. Other Households, 2012 vs. 2015 (in million $)
    • Consumer Spending Highlights: Insurance
      • Health Insurance Expenditures Up Dramatically
        • Table Aggregate Spending on Health Insurance: African-American vs. Other Households, 2012 vs. 2015 (in million $)
      • Spending on Vehicle Insurance Flat
        • Table Aggregate Spending on Vehicle Insurance: African-American vs. Other Households, 2012 vs. 2015 (in million $)
      • Spending on Life and Other Personal Insurance Declines
        • Table Aggregate Spending on Life and Other Personal Insurance: African-American vs. Other Households, 2012 vs. 2015 (in million $)
    • Consumer Spending Highlights: Food
      • African-Americans Join Eating Out Trend
        • Table Aggregate Spending on Food at Home and Food Away From Home: African-American vs. Other Households, 2012 vs. 2015 (in million $)
      • African-Americans Major Customer Base for Fast Food and Family Restaurants
  • Use of Financial Services
    • Banking Services
      • Black Consumers Increase Use of Banking Services
        • Table Number with Checking or Savings Accounts: African-Americans vs. Other, 2006 vs. 2016 (in thousands)
      • African-Americans Important Growth Segment for Banks
    • Credit and Debit Cards
      • Black Consumers Turn Away From Cash Transactions
      • Use of Credit Cards on the Rise, Especially Among Affluent Blacks
        • Table Number of Consumers Using Credit Cards: African-American and Other, 2006 vs. 2016 (in thousands)
        • Table Number of Households with an Income of $75,000 or More Using Credit Cards: African-American and Other, 2006 vs. 2016 (in thousands)
      • Department Store Cards Show Highest Growth
        • Table Number of African-American vs. Other Consumers Using Credit Cards: By Type of Card, 2006 vs. 2016 (in thousands)
      • Dramatic Increase in Debit Card Use
        • Table Number of African-American vs. Other Consumers Using Debit Cards, 2006 vs. 2016 (in thousands)
      • MasterCard Debit Card Gains Ground Among African-Americans
        • Table Number of African-American vs. Other Consumers Using Debit Cards: By Type of Card, 2006 vs. 2016 (in thousands)
    • Insurance
      • African-Americans Place High Value on Life Insurance
      • More Black Consumers View Life Insurance as Investment Vehicle
        • Table Type of Life Insurance Policy Owned by African-American Households, 2006 vs. 2016 (in thousands)
      • Auto Insurance Registers Gain Among Black Consumers
        • Table Number of African-American and Other Households with Automotive Insurance, 2006 vs. 2016 (in thousands)
      • Number of Black Households with Homeowners Insurance Shows Steady Growth
        • Table Number with Homeowners Insurance: African-American and Other Households, 2006 vs. 2016 (in thousands)
      • Black Consumers More Likely to Buy Homeowners Insurance Directly from Company
      • Market for Renters Insurance Explodes
        • Table Number of African-American and Other Households with Renters Insurance, 2006 vs. 2016 (in thousands)
  • Marketing Trends
    • Overview
      • Brands Can Reach Black Consumers on Social Media
      • Product Placement Gets Thumbs Up From Black Consumers
        • Table Effectiveness of Product Placement: African-American vs. Other Consumers, 2016
      • TV Advertising Attracts African-American Viewers
        • Table Effectiveness of Television Advertising: African-American vs. Other Consumers, 2016
      • BET Retains Top Spot Among African-American Viewers
    • Marketing Approaches
      • JPMorgan Chase Invests in African-American Entrepreneurs
      • Prudential Highlights African-American Businesses
      • Allstate Shares Stories "Worth Telling"
      • Wells Fargo Celebrates African-American Culture
      • State Farm Reaches Out to African-American Community
      • Ford Honors Unsung Heroes
      • Hyundai Recognizes Women of Color
      • Lexus Sponsors Show on TV One