Today I Read about Black Spending Power
Updated: Mar 5, 2018
Last month Nielsen released their Black Impact analysis which looks at the power of non-white consumer dollars.
Quick Summary: The research highlights the fact that black consumers spend $1.2 trillion annually and represent large chunks of consumers in areas including baby food, deodorizers and soap. Aside from spending money on culturally relevant and authentic products, black consumers demand, more so than other racial groups, that brands support social causes. Black consumers have a 'cool factor' which creates a halo effect including the mainstream (duh).
Big Takeaway: black consumers purchase over 50% of dry vegetable and grains
Something I did not know: Children's cologne is $27 million industry.
Makes me feel/think about: Reading this report left me feeling frustrated. We talk so often about the spending power of communities of color, but rarely if ever do we talk about saving and investing power. While I'm sure executives of large consumer CPG companies will use the report to improve their marketing efforts, how many banks or investment vehicles geared toward minority communities will pop up? I do not suspect many, but what a great untapped market to explore.