The percentage of blacks in America is growing, and so is the amount of money blacks have available to spend on goods and services, according to a study released this week.
The "African-Americans Revealed" study, based on a BET survey of 80,000 black consumers over 18 months, showed a 10 percent increase in America’s black population between 2000 and 2008 and 55 percent increase in black buying power over the same period.
According to the survey, black buying power is estimated now at about $913 billion and is projected to increase to $1.2 trillion by 2013.
A similar study released in November by the Selig Center at the University of Georgia estimated that black buying power would be about $1.1 trillion by 2014, with current spending power for blacks at about $910 billion.
"'African-Americans Revealed' shows us that the black community should never be referred to as one homogeneous population," said Matthew Barnhill, senior vice president of corporate research at BET Networks. "We hope this report will help organizations better connect with an audience and intimately recognize all of its
complexities."
Boyce Watkins, a Syracuse University business professor, said he is not surprised by studies that show growth in black spending power.
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