Black consumers are responding to tighter economic condition by focusing more of their spending on items and services that improve their homes and lifestyle. That’s one of the trends revealed in the 15th annual report, “The Buying Power of Black America, ” published by Target Market News.
The report analyzes spending for black households in 2008 and finds that African-Americans began showing signs of the pending economic turmoil that would hit the entire nation. The pattern of purchases shifted dramatically in some categories. Contributions to churches and other non-profits dropped 16% to $11 billion. Expenditures on personal care products and services declined 10% to $6.6 billion. Spending on alcoholic beverages decreased 6% to $2.8 billion. To read the full story click here.