From The Experts Cultivating Deeper Brand Relationships With Black Their influence will continue to grow as their buying power does – which is projected to reach $1.8t by 2024. largely driving the expected increase in buying power, the black population is on track to grow by 22% between 2020 2060, compared to a 27% decrease in the non hispanic white population during that same time. In 2023, black consumer spending on beauty products amounted to $9.4 billion, with dollar, unit, and household growth outpacing growth for the us at large. this growing cohort currently accounts for an estimated 14.4% of the us population, which is a 32% increase since 2000. just under half of black americans are under 30, and with a median age.
Black Consumers Still Set Trends And Dictate Popular Culture The Atlantic Black consumers are heavily engaged with the beauty industry and black cosmetics — see how inflation is impacting spending black consumer spending on beauty and where the industry can connect with these active and engaged consumers in 2023. African americans make up 14% of the u.s. population but have outsized influence over spending on essential items such as personal soap and bath needs ($573 million), feminine hygiene products ($54 million) and men’s toiletries ($61 million). nielsen research also shows black consumers spent $810 million on bottled water (15% of overall. At 47.8 million strong, african americans are the second largest consumer group, presenting businesses with a $300 billion opportunity stake in this community. despite being 13.4% of the u.s. Become a niq partner find a partner. black consumers empowered by “selfless” spending. black impact: consumer categories where african americans move markets.
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