The discussion at the close of Fashion Month this year conveyed the same message it typically does: The fashion world doesn’t represent the African American consumer, nor does it market to them. The number of black models on the runways and advertising campaigns are constantly the jumping off points (rightfully) for boycotts and calls for reform, but it seems that when it comes to buying power of the black consumer, the group holds all the mighty power.
According to a new study released by Nielsen.com, the African American consumer is both resilient, receptive and very freaking relevant, as they currently have a buying power of $1 trillion that is forecasted to reach $1.3 trillion dollars by the year 2017. What does that mean? Companies better come correct when it comes to marketing towards their consumers.
As reported by Nielsen:
The importance of connecting with African-American consumers is more important than ever. Importantly, these consumers are distinct from other consumer groups, and understanding this group is critical to making lasting connections.
Currently 43 million strong, African-American consumers have unique behaviors from the total market. For example, they’re more aggressive consumers of media and they shop more frequently. Blacks watch more television (37%), make more shopping trips (eight), purchase more ethnic beauty and grooming products (nine times more), read more financial magazines (28%) and spend more than twice the time at personal hosted websites than any other group.
Now that we know without any doubt that the AA consumer is present and very much willing to spend, will a shift in the ivory-exclusive upper echelons of fashion open their arms to Yeezus and the likes? Better yet, will there be non-biased assistance from retailers in-store? Guess only reaching that $1.3 trillion mark with time will tell.