African American Market Market Research Reports & Industry Analysis

African Americans are people who have origins in any of the Black racial groups of Africa, and are a key segment in an American economy that increasingly depends upon the needs and preferences of multicultural consumers. Currently the African American populations consist of over 45 million individuals accounting for over 15% of the U.S population. The US Census Bureau projects by year 2060 the African American population will grow to over 74 million individuals, making up 17.9% of the U.S population.

Comparing African American spending habits to non-Blacks spending habits may conclude that Black Americans spend less than non-Black Americans. However, the Black American household income medium is only 66% of the all-household medium. A key contributor to a lower medium income may be due to lower marriage rates and only one wage earners. Despite a lower average income, Black Americans contribute to many product and service purchases; Blacks’ overall spending was more stable through the Great Recession than non-Blacks. With the growing Black American population, marketers can expect an expanding Black American consumer market.