Connect with a Large and Growing Market
Black women are young, vital and educated and represent the second largest ethnic group in the U.S., with 18,700,000 females. This figure excludes Black women who are also Hispanic, adding another 700,000 to this number for a total of 19,400,000. Spending power is estimated at $688 billion.
Black females are also more likely to be the primary decision makers in their households. Within the automotive industry for example, Black women represent almost 60% of all new vehicle purchase decisions compared to 45% among all women.
Black Women of the Diaspora are Not a Monolithic Group
Ninety-two percent of Black women report themselves as African American; the remaining 8% immigrate from Africa, the Caribbean, or South/Central America. In addition, there are distinct generational differences between Black women born during the Civil-Rights era compared to younger Black women of the Gen X/Y audience. Understanding how these differences can be incorporated into effective advertising and promotion plans will yield higher success to marketers.
Black Women are concerned about financial planning and opportunities to build wealth. In addition, they are concerned about maintaining their appearance and will spend a disproportionately greater percentage of their income versus other women in categories related to personal care and grooming. Spending on luxury products is common among Black women; these products represent benchmarks for quality and help fulfill aspirational and style demands for these women.
Tap a Growing Talent Force
The number of Black women in the workplace totaled 8.5 MM, approximately 5.8% of the labor force. By 2010 this number is expected to grow to 11.1 MM Black women in the workforce. The number of Black women receiving master’s degrees increased 149.5% from 1991 to 2001, fueling the growth in the labor market and exceeding the number of white men and white women receiving master’s degrees during the same time period. (Source: Catalyst, Inc.)