23 Oct Embrace the Power of the African-American Consumer
Multicultural advertising proves to be important for more than just the Hispanic demographic. Connecting with people through culture is not just about speaking their same language—it means catering to their unique culture.
These are the trends we see as African-Americans continue to grow their purchasing power in the U.S.
“44% of all African-American households now earn $50,000 or more and 23% earn above $75,000. And these higher household incomes, coupled with overall population growth, are driving the substantial purchasing power of the African- American consumer, which is expected to reach $1.3 trillion in a few short years.”–Nielsen
Besides understanding the significance of their growth, it is even more important to understand what drives African-Americans’ purchasing behavior.
According to Nielsen statistics, 87% of African-Americans feel that recognition of their culture is important, 38% are more likely to make a purchase when ads include African-Americans, and 55% said they are more likely to purchase products from a business that is minority-owned or endorsed.
So not only is it important for brands to cater to the African-American culture, but it is vital that brands vie for African-American influencers in order to help draw in this important demographic of consumers.
African-Americans not only place a high emphasis on representation of diversity in marketing, but also respond to diverse platforms of marketing.
African-Americans engage with various types of advertising from mobile to TV to print, so it is important to use multiple platforms for an effective marketing strategy.
In today’s increasingly diverse world, it is more important than ever to pay attention to cultural trends and the increase in purchasing power of minority groups. Find out what appeals to their unique cultural preferences, and you’ll be well on your way to attracting a diverse, lucrative market of consumers.
Data and information was gathered from the original article by Nielsen: http://brinx.it/AAp