A recent Nielsen report shows that African American women are the drivers of many household purchasing decisions. The report, entitled “Powerful. Growing. Influential. The African American Consumer, “ took a closer look at the opinions and buying habits of female African American consumers.
Among the key takeaways is the fact that many African American women are greatly influenced by their culture and community. Roughly 62% of black women believe embracing and supporting their culture is important. Furthermore, about 59% feel a strong obligation to support minority businesses.
“Black women are one of the most powerful consumers because they are three times as likely to be the head of household than any other minority culture,” says Tarra Jackson (also known as Madam Money), a money expert who specializes in economic empowerment. “Marketers should pay attention to African American women because they control over 50% of the annual adult black purchasing and spending power,” Jackson continues.
Other key survey findings:
• 80% of black women agree that being aware of purchasing decisions is important.
• 63% are more likely to purchase a luxury vehicle than the general market.
• Black women are twice as likely to shop at Neiman Marcus than the general public.
• Close to 40% of black women consider themselves to be trendsetters.