African-American buying power hits over $1 trillion, new trends report says
African-American buying power shot up from $995 billion to $1.3 trillion in the five years from 2010 to 2015, and it is only expected to continue growing.
According to the newly released African-Americans: Demographic and Consumer Spending Trends, 10th Edition, African-American buying power shot up from $995 billion to $1.3 trillion in the five years from 2010 to 2015, and it is only expected to continue growing.
During that time, African-American buying power rose 27 percent, and it is expected to rise another 16 percent for the next five-year period.
African-American families in higher income brackets have been increasing as well, with the number of households with an income of $100,000 or more jumping from 83 percent, from 1.1 million to around two million in the time period between 2005 and 2014. In that same period, African-American households with incomes between $75,000 and $100,000 increased by 25 percent.
Another indicator that African-Americans are doing better is that they are spending more money on things like eating out. The percentage of income spent on dining out was 14 percent higher than in 2012, according to the report. Purchases for non-essentials such as apparel and beauty products also increased.
Read more about the report here.
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