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Report: Affluent African-Americans have 45% of buying power
By 2012, buying power in the African-American demographic will reach more than $1.1 trillion; nearly half of that buying power (45%) will be place within the Affluent African-American segment. The study goes on to indicate that currently African-American's buying power is $892 billion.
The study further found that the buying habits of African-Americans are different than Caucasian or Latino groups.
Of the 2.4 million African-Americans who have household incomes of more than $75,000 most are very interested in fashionable clothing and accessories, however fewer of them are apt to shop online, research products online or plan trips online.
So, how do online marketers reach this important demographic when the consumers aren't likely to be there? Multimedia campaigns are probably a good starting place.
According to the report, about 40% of the African-American demographic turn to television most often. So, sponsoring a television program and pointing a consumer to a website for more information or a special offer could be a good way to engage the consumer online. Magazines are also more important to the African-American population with 6% more than the national average, making magazine ads another good option. By utilizing cross-promotional ads, marketers have a better chance at pushing consumers online to research and buy products.
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