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Nielsen Encourages Marketers to Set Their Eyes on Wealthy Blacks
Nielsen reported last Thursday that American marketers and media companies should set their eyes on wealthy black American consumers.
CNN Money writes that the report is focused on black American, which includes African-Americans and black immigrants, with at least $75,000 annual income. Nielsen's Cheryl Pearson-McNeil, said black in the US has a collective $1.1 trillion in buying power. "You can't ignore that," she said.
According to Neilsen's African-American Consumers:The Untold Story, "Black consumers make up a diverse group of trendsetters, education enthusiasts, media influencers, social activists and content creators. Making gains and upending outdated stereotypes on multiple fronts - from education to income to social media and civic engagement - the African-American story continues to evolve as Black consumers leave an indelible footprint on today's rapidly changing mainstream. African-Americans are indeed increasingly affluent, influential and culturally diverse - and savvy marketers and businesses are taking notice."
Marketwatch notes that the report explores how the upper-income Black Americans grew rapidly at 17.7% from 2000 to 2014. That is 35% faster than the growth rate of the total population, and is two times faster than the White population's 8.2% growth rate. The growth of the Black population is mostly due to the increasing number of Black immigrants from the Caribbean, some European countries, and Africa. The foreign-born Blacks in America has grown four times its number since 1980, making up 3.8 million of the total 45.7 million Black Americans in the nation. The income of foreign-born Blacks has also increased drastically, making 30% more than the US-born Blacks.
Nielsen reported that blacks who earn $200,000 have increased by 138% from 2005 to 2013. Pearson-McNeil said this report tackles a story that not most of the people in the nations knows about.
The media shows more of the impoverished black communities. Though there is still a big gap in income between the Blacks and the Whites, there area significant growing number of Blacks who are affluent and earn quiet substantially. Nielsen recommends that marketers should set their eyes in this growing number of rich Black-Americans.