Black buying power is projected to reach $1.1 trillion by 2015. However many of us will only be consumer instead of producers of these goods according to The State of the African-American Consumer Report. The spending habits within the Black community has much power and can change and improve the conditions of Black communities.
Here are some interesting findings:
- With a buying power of nearly 1 trillion annually, if Blacks were a country, they’d be the 16th largest country in the world
- Blacks make more shopping trips than all other groups, but spend less money per trip. Blacks in higher income brackets, also spend 300 percent more in higher end retail grocers more than any other high-income household.
- There were 23.9 million active Black Internet users in July 2011–76 percent of whom visited a social networking/blog site.
- Thirty-three percent of all Blacks own a smart phone.
- Black Americans use more than double the amount of mobile phone voice minutes compared to whites–1,298 minutes a month vs. 606
Read more about Black Economics here.
At this point in game you should be thinking about creating something…Do you understand the signs of times. Watch this clip of Bishop T.D Jakes on being producers instead of consumers Very timely message.