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NEW YORK -- A new report from market intelligence firm Packaged Facts here, "The African-American Market in the U.S.," predicts that the buying power of 39 million African-Americans will reach $1.1 trillion by 2012.
The 2.4 million affluent African-American households with household incomes of $75,000 or higher account for just 17 percent of all African-American households but 45 percent of total African-American buying power, according to the report.
Data indicates that companies selling luxury items and financial services are at a particular advantage, because affluent African-Americans are even more likely than their affluent counterparts to spend money on luxury items such as cruise-ship vacations, new cars, and designer clothes, as well as investing in life insurance.
"The African-American cohort continues to be a significant consumer segment that in some ways exercises more economic clout than the ever-popular Hispanic one," noted Packaged Facts publisher Tatjana Meerman. "African-Americans' purchasing behaviors can differ in many ways, ranging from what is bought at the grocery store to clothing style and magazine preferences. Marketers should pay attention to these differences to execute marketing campaigns that target the many segments of this important demographic cohort."
The report provides a demographic analysis of the African-American population and an assessment of social and economic trends affecting the group today and in the future. A full assessment of African-American buying power presents their behaviors across a range of areas. Additionally, "The African-American Market in the U.S." analyzes how African-Americans spend their leisure time and money, offering solid support to marketers targeting African-American consumers. For more information on this report visit: http://www.packagedfacts.com/African-American-1475194/.