Black consumers had a spending power of $308 billion in 2008 — the most recent year for which data are available — up from $744 billion in 2007, reports Target Market News.
Their spending on consumer electronics (up 32%), home computers (up 28%), and appliances (up 27%) suggests they were taking advantage of retailers’ recessionary pricing tactics on big ticket items. Meanwhile, their decrease in spending on personal care items (down 10%) and alcoholic beverages (down 6%) may reflect how they saved money to afford other luxuries. [Consumer Spending & Attitudes]
Source: “The Buying Power Of Black America,” Target Market News, Ken Smikle, President, 228 S. Wabash Ave., #210, Chicago, IL 60604; 312-408-1881; 312-408-1867; info@targetmarketnews.com; www.targetmarketnews.com. Price: $99; local market editions also available for $99 each.
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