Black Spending Power: Where Black People Spend the Most Money

Date:

spot_img
What’s your Reaction?
+1
0
+1
1
+1
0
+1
0
+1
0

Data from The Bureau of Labor Statistics (BLS) has details on black spending power. We have studied stats and surveys from plenty of sources to help you understand where black people spend the most money. 

Ethnic Hair and Beauty Products

Black Spending Power: Where Black People Spend the Most Money
Setting powder, sponge and brush. Image source: Pexels licenced under CC BY 2.0

Black Americans spend nine times more on ethnic hair and beauty products compared to the general market. Statistics show what we have always known: black beauty is a huge business. Black women are leading the spending in this industry, spending around $2.5 billion in haircare alone and overspending the general market on personal care products and clothing.

Read also: Tattoos On Black Skin: Everything You Need To Know

Electrical and Electronics 

Black Spending Power: Where Black People Spend the Most Money
business computer. Image Source: Pexels licenced under CC BY-SA 2.0

Interestingly, black folks are digital enthusiasts, more likely to buy smartphones and use them about 12% more than white Americans. Premium TV services are next on their list. About 41% of black consumers are subscribing to these, beating out the general population at 35%.

Join our Spotcovery Global Black Community Facebook Group for early access to exclusive content and to share in a lively discussion.   

Home and Mortgage 

Black Spending Power: Where Black People Spend the Most Money
white-and-brown-wooden-house-near-bare-trees-under-white-sky. Image Source: Pexels licenced under CC BY-SA 2.0

Moving on to Home and Mortgage, 52% of Black families own a home in the United States. It shows that despite the economic disparities and systemic racism the African Americans have experienced, they have still been able to push through and achieve homeownership.

It’s a key point to consider in black consumer spending stats because it shows they’ve got the financial means to invest in their future.

Financial Services

Black Spending Power: Where Black People Spend the Most Money
Business-charts-commerce-computer. Image Source: Pexels licenced under CC BY-SA 2.0

Black consumers aren’t just spending on goods. They’re also spending on banking, investing, and insurance. They’re always looking out for financial institutions that understand their needs.

A lot of black people want banks that know about their money problems and give them special offers to help. Some banks are making special packages just for black people because they know they are important customers.

Entertainment and Media

In Entertainment and Media, black consumers are a force to be reckoned with. From the data we have seen, we can say that black people contribute so much to the entertainment and media industry. 

They love spending on movies, music, streaming services, and entertainment representing their culture. Movies with diverse casts and black narratives are splashing, and black consumers actively support black artists and content creators. This has led to the rise of black-owned media platforms and production companies.

Luxury, Food and Dining

Black Spending Power: Where Black People Spend the Most Money
Silver floral hairbrush. Image Source: Pexels licenced under CC BY-SA 2.0

Luxury items are another area where black consumers shine. Black consumers represented 8.7% of the total US luxury spending in 2019.

Whether dining out, buying groceries, or supporting food-related businesses, black people have diverse preferences and contribute to different food market segments. 

Black consumers often support black-owned restaurants, food trucks, and culinary ventures that offer authentic flavors, cultural dishes, and unique dining experiences. 

People also Read: 3 Impressive Ways to Enhance Your Home Entertainment

Blacks General Spending Statistics

Black spending power reaches record $1.6 trillion, but net worth falls. These numbers are like a big, flashing sign that says, “Hey, African Americans are a powerhouse when it comes to the economy!” They’ve got some serious spending muscle, and brands should be taking notice.

But here’s the cool part: it’s not just about spending; it’s about investing in black-owned businesses. 

People also read: 15 Best Skin Care Products for Black Women

Nearly 80% of consumers visit directories with reviews to find a local business. List your business for free in our exclusive Spotcovery Black-Owned Business Directory.

Spotcovery offers unique and fresh daily content on Black culture, lifestyle, and experiences. We talk about everything black, black people, black-owned and black-owned businesses. We also deliver authentic and relevant content that will inform, inspire and empower you! The future of black media is critical to today’s black experience! Our primary audience includes African American, African, Afro-Caribbean, and people of African heritage. Black culture is for the culture!

What’s your Reaction?
+1
0
+1
1
+1
0
+1
0
+1
0

As an Amazon Associate, Spotcovery earns from qualifying purchases. Spotcovery gets commissions for purchases made through links in this post.

spot_img
Uchenna Agwu
Uchenna Agwu
Hi there! I’m Uchenna Agwu, and I love to write. When I’m not writing, you can usually find me reading books or watching documentaries (I’m a bit of a nerd). But I also like to get out and explore – whether that means going on hikes or checking out new restaurants.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive Articles

Popular

More like this
Related

Larry Doby: The Man Who Broke Baseball’s Color Barrier

In the wake of his death in 2003, Larry...

Here’s the NBA MVP list of 6 Incredible Ballers Who Topped the Game

The NBA MVP list includes the best players in...

6 Important Lessons You Can Learn From Black Slavery

What lessons have you learned from Black slavery in...

Get to Know 9 Amazing Baseball Positions to Help You Understand the Game

Have you watched baseball and can’t understand what’s happening?...