BLACK BUYING POWER

Black buying power currently stands at over $1.1 trillion and is on the road to hit about $1.5 trillion by 2021. This collective buying power means that nearly $2 trillion will be flowing through black America annually very soon, making us the centerpiece for various researchers, marketers, advertisers, and other campaigns designed to influence black spending patterns.

But the question is, with so much buying power, can we as African Americans influence and direct said spending ourselves? Do we have the power directly, indirectly, and strategically to determine where that money flows and if so, could directing that flow help rebuild the black community?

ROAD TO MORE BUYING POWER AND INFLUENCE

The data comes from a recent Nielsen study that also reports that African American households earning $75,000 or more per year are a fast-growing segment that will have more influence going forward than ever before.

Within the next 45 years, by around 2060, black America might be represented by 75 million in the U.S., holding about 20% of the U.S. population. In terms of black-owned businesses, that number sits anywhere from 2.5 million to 3 million enterprises and is projected to grow in larger numbers going forward.

All of this data points to the trend that African Americans will be very important contributors to the U.S. Gross Domestic Product (GDP) along with the creation and sustainability of U.S. jobs.

Source: Black Enterprise