Avid TV watchers. Social media aficionados. Influential consumers. African-Americans as a whole, and Black Millenials in particular, are making an impact on both the media industry and the marketplace, according to Nielsen’s recently released Diverse Intelligence report, “Young, Connected, and Black.”
Over the past 5 years, Black buying power rose to $ 1.2 trillion, nearly 10% of total spending in the US. Much of this money is up for grabs, with Black consumers more likely than the population as a whole to pay attention to media marketing as they choose where to spend their money. With Black viewers more likely to watch live television, be influenced by marketing, and share their opinions about products online, they are even more valuable to brands, as they can help drive conversation and decision-making about what to buy. Media marketers have already taken notice, with broadcast TV advertising aimed at Black viewers rising over 250% in the past 4 years.
Going forward, Black spending power is projected to rise to over $1.4 trillion over the next 5 years and grow faster than the overall spending. As Black Millenials, who continue to use social media and watch traditional media more than their peers, drive more of the spending in the Black community, it will be up to the media industry to keep pace and make sure that they are delivering content and messaging that appeals to this growing market.
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