"Black consumers in the U.S. present a yearly average of $1.4 Trillion in consumer spending power".
- U.S. Black buying power has increased by 61% between 2010 and 2020.
- In 2020, during the height of the global pandemic, COVID - 19 trends saw Black consumers as core drivers of total U.S. online retail gains.
- Between 2020 and 2021, Black consumers took the lead in holiday spending (nearly 20% more than other races).
- Total U.S. Black spending power rosed at $1.6 Trillion in 2020
Everywhere You Look
- States including Hawaii, Idaho, & Washington saw a 10-year lift of 104%+ in Black buying power, while North Dakota reported a 316% increase.
Started From the Bottom Now We Here!
- The UGA cited increases in population, advanced academic degrees, and lucrative incomes as factors that resulted in the rise in of buying power.
- In 2019, the U.S. Black population grew to 46.8 million (14% of the total U.S. population).
The Wrap Up
These increases are exciting! Recent consumer trends and outcries for social equity have even influenced top retailers to extend advertising dollars to Black-Owned media networks and make room on their shelves. In context, Black consumerism contributes to 9% of the U.S. total. Regardless, Black consumers can potentially create a significant impact when they shift their dollars methodically and collectively.