Wednesday, November 30, 2005

The Power of the African-American Female Consumer


African-American women are a desirable and distinctive market
segment. The Selig Center for Economic Growth recently (September
2005) reported that African-American women control $403 billion in
buying power. In fact, Black women are the means for reaching the
$761 billion African-American consumer market and, whether single
or married, are more likely than White females to control the purse
strings in their households. Additionally, Black women reject general
market beauty standards and embrace their own style and body image.
This behavior has motivated the fashion and marketing industries to
take heed, learn, and incorporate these ideas into their product lines
and marketing plans.

Demographically speaking, African-American Women:
+ Were 19.1 million strong in 2000, representing 52.5% of all Blacks,
and will grow 9.6% by 2010.

+ 70% were head of household in 2004, compared to 50% of general
market women.

+ Their median age in 2000 was 31.0 years, compared to 38.6 years
for white females.

+ Are educated -- with the number of degrees conferred increasing
between 1980 and 2000 by 102.4% for Bachelor's, 143.3% for
Master's, 136.8% for Doctor's and 185.2% for first-professional,
compared to 31.0%, 54.8%, 57.2% and 52.9% respectively for white
females.

+ Had the highest labor force participation rate among women in 2004
at 61.5% versus 58.9% for whites.

+ Are professionally advancing, assuming powerful positions in
business, law, medicine and other fields.

+ Are more likely than women of other races to be business owners;
over 414,472 businesses are owned by black females, employing more
than 250,000 people, as of 2004, and generating nearly $20 billion in
sales, according to the National Women's Business Council.

+ Working full time, full year, earn $26,992 in median annual
earnings, according to 2004 Census data.

+ With a bachelor's degree, earned $38,160 in 2004.

+ Have an aggregate income equal to 49% of the black population's
total income, according to Packaged Facts; White & Hispanic women
account for only about 33% of the total income for their races.

+ Possessed $403 billion in spending power in 2004, according to the
Selig Center of Economic Growth.

Source: Market Snapshot (November 2005)
http://www.huntermillergroup.com

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