Friday, March 13, 2009
“African-American” Buying Power Increases"
NEW YORK African Americans constitute the largest racial minority market, wielding greater economic clout than ever before, according to the Selig Center for Economic Growth.black_buying_power
That sector’s buying power was $318 billion in 1990. But 18 years later, African-American buying power equaled $913 billion, and is projected to increase to $1.24 trillion in 2013, per Selig. That would mark a 35.7 percent gain over those five years.
The African-American Internet population reflects the high percentage of young people in the general African-American community: 30 percent overall are under age 18, and 71 percent of that group is online.
While 45 percent of African-American households had some type of Internet access in 2007, this group is more likely than white Americans to surf the ‘Net via mobile phone, according to the Pew Internet & American Life Project.