![]() ![]() It’s one thing to make brands listen to us, it’s another thing to support brands that have been listening to (and celebrating) us since day one. Now, that we’ve been celebrated once again in how we spend money, we challenge you to continue paying attention to who you spend money with. African-American consumers, and all diverse consumers, want to see themselves authentically represented in marketing, and they want brands to recognize their value to the bottom line.” ![]() The business case for multicultural outreach is clear. Life is unpredictable so try to review your budget and your spending if theres a. identifying as African American, Hispanic or Asian, if a brand doesn’t have a multicultural strategy, it doesn’t have a growth strategy. For many of us, household bills make up a large chunk of our spending. “With 43% of the 75 million millennials in the U.S. Gen Xers outspend millennials by 41 and baby boomers by 18. The spending disparity is quite substantial, as you can see. Millennials have an average post-tax income of 58,628 and spend an average of 52,874 annually. “When it comes to African American consumer spend, there are millions, sometimes billions of dollars in revenue at stake,” said Andrew McCaskill, Senior Vice President, Global Communications and Multicultural Marketing, Nielsen. Baby Boomers have an average post-tax income of 67,950 and spend an average of 63,325 annually. Need more proof? Take a look at Black Panther’s record-breaking box office. With a more socially conscious group, the report also highlights the need for brands to create and market products that speak to “diverse consumers.” As we’ve seen with several marketing misses, we have the power to affect bottom lines and change the direction of brand conversations. Strategic Community Alliances and Consumer Engagement, Nielsen. “Our research shows that Black consumer choices have a ‘cool factor’ that has created a halo effect, influencing not just consumers of color but the mainstream, as well,” said Cheryl Grace, Senior Vice President of U.S. With $1.2 trillion in total spending power, the research also shows that our buying habits also influence how our non-Black counterparts spend their money. Add in $473 million in total hair care, $127 million grooming aids, and $465 million in skincare preparations and we spend a whopping $1.1 billion on beauty annually (not including weaves, extensions, independent beauty supply stores, e-commerce, or styling tools and appliances). We spend nearly nine times more than our non-Black counterparts on ethnic hair and beauty products. While Blacks outspend on everything from water to cookware, our beauty buying habits continue to top the charts. This report focuses on Black spending as a whole, our mainstream influence, and the impact of Black Twitter and other social media. For most of the women, their restraint in spending money on themselves. Published earlier this month, the “Black Dollars Matter: The Sales Impact Of Black Consumers” report is the company’s eighth report on Black spending. Judith was reluctant to spend money on herself because it was earned by Frank. And, it is making more and more headlines. Every month, she spends around $500 on eating out.Ī 34-year-old mum says eating out costs her around $600 every month.Ī 39-year-old researcher and company director earning $92,000 per year, says eating out costs her around $700 every month.A new Nielsen report has confirmed what we’ve already known as Black consumers: there is power in the Black dollar. Here's some of the women who spend most of their money on eating out:Ī 20-year-old editorial assistant on $55,000 per year, says she spends $300 on takeaway each month.Ī 37-year-old director, who earns $208,000 per year, says she spends the most on Uber Eats. ![]() On average, we spend a total of $314 on eating out every month. Unsurprisingly, most of our money goes towards eating out and takeaway. The most expensive thing she's ever bought is a dress for $1,000. The most expensive thing she's ever bought is an Ena Pelly leather jacket for $700.Ī 33-year-old trades assistant, who earns $90,000 per year, says she spends $2,500 per month on clothes.Ī 23-year-old working in Partnerships Coordinator in the sports industry earning $53,000 per year says she spends $600 a month on clothes. population, and control or influence 85 of consumer spending The purchasing power of women in the U.S. It appears most women, on average, will spend somewhere between 150 and 400 on clothing on a monthly basis, which equates to approximately 1,800 to 4,800 per year. A retired over 60-year-old says clothing accounts for around $200 of her spending per month.Ī 24-year-old medical receptionist earning $38,000 per year, says she spends too much money on eating/drinking out and clothes, which she forks out about $400 on a month. Women who are aged 55 or over will average just under 100,000 during their lives, once again based on their current spending habits.
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