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.
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Ethnic Hair and Beauty Products
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.
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Electrical and Electronics
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%.
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Home and Mortgage
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 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.
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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
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.
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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
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