Over the weekend, Black Enterprise magazine reported that the spending power of the nation's 43 million African Americans is expected to top $1 trillion by 2015.
BE cites a report that will be presented at a June 2014 meeting of the National Association of Black Accountants Conference. The report found that the African American population "is an economic force to be reckoned with, with a projected buying power of $1.1 trillion by 2015."
That should be good news for Jackson and Mississippi, which have some of the the nation's highest percentages of of black residents. Jackson's population is 80 percent black; Mississippi has to a 40 percent black population.
What's more, black consumers' growth outpaces the rest of the population by 30 percent, the study shows:
Between 2000 and 2009, the number of African Americans attending some college or earning degrees has grown: 45 percent of men; 54 percent of women. Households earning $75,000 or more grew by more than 60 percent, faster than the rest of the population. African American’s average income nationwide is $47,290.
So what does this all mean in business terms? It means African Americans wield tremendous buying power. The Nielsen study showed numerous shopping trends, mostly for household, health and beauty, travel, smart phones and child related items.
Hopefully, Jackson residents and businesses are in a position to take full advantage.