A consumer group which continues to experience population growth, has unique generational behavioral trends and characteristics, and a projected buying power of $1.1 trillion by 2015, African-Americans are still a viable market segment full of business opportunities, according to the African-American Consumers: Still Vital, Still Growing 2012 Report released by Nielsen and the NNPA today.
“NNPA’s insertion of the report into its 200 publications allows Nielsen access to millions of African-American consumers, and allows us to share vital information that will help increase the awareness of Blacks’ consumer power.”
Released during the Congressional Black Caucus Foundation's (CBCF) 42nd Annual Legislative Conference, the report is the second of three annual installments of a collaboration between Nielsen, a global provider of information and insights into what consumers watch and buy, and the National Newspaper Publishers Association (NNPA), a 72-year-old federation of 200 Black community newspapers.
“Our collaboration with the NNPA has been successful,” said Susan Whiting, vice chair, Nielsen. “NNPA’s insertion of the report into its 200 publications allows Nielsen access to millions of African-American consumers, and allows us to share vital information that will help increase the awareness of Blacks’ consumer power.”
The 2012 report highlights important subsectors of the population, unique lifestyles, purchasing and viewing habits, and also sheds light on the disparities in advertising dollars spent with African-American media.
“Marketers underestimate the opportunities missed by overlooking Black consumers’ frustration of not having products that meet their needs in their neighborhoods. And companies that don’t advertise using Black media risk having African-Americans perceive them as being dismissive of issues that matter to Black consumers,” said Cloves Campbell, chairman, NNPA. “This report demonstrates what a sustainable and influential economic force we are.”
The number of Blacks in America has reached almost 43 million. With a healthy representation of today’s population, coupled with an attractive collective buying power, businesses have opportunities to increase market share with Black consumers.
Keeping the Black community informed and educated is one of the goals of the Congressional Black Caucus Foundation.
“By providing a resource that demonstrates how we can use our collective buying power, we are providing a service that is beneficial to the individual consumer and our collective communities at the same time,” said Elsie L. Scott, president and CEO of CBCF.
Collaborations with community organizations helps Nielsen establish a corporate reputation that is valued and trusted among consumers.
“Nielsen’s collaborative efforts with organizations such as the NNPA and the CBCF demonstrates unity and reinforces the company’s credibility with Black consumers,” said Rev. Jacques DeGraff, co-chair, Nielsen’s external African-American Advisory Council (AAAC). “By engaging consumers in the conversation about economic power, the outcome can lead to improved products, more penetrating marketing messages and enhanced corporate/consumer partnerships in our communities,” said Victor Bulluck, co-chair, AAAC.