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The African American population is younger than the rest of the U.S population. In 2010 the median age of the African American population was 41 compared to the general U.S. population at nearly 45. In addition, females represent a greater percentage of the Black population in the United States. While the Black American median household income is lower than the U.S. average, the percentage of Black American households with an income of $50,000.00 or more grew 13.5% between 2003 and 2010, compared with 8.4% for the total U.S. households.
According to the University of Georgia's Selig Center for Economic Growth, the buying power of Black Americans was $925 Billion in 2010 and
estimates the buying power in 2012 to reach $1.1 trillion. In that same year, the US Census Bureau estimated the number of African American residents at 41.1 million, comprising 13.9% of the total US population. The number of Black-owned businesses was 1.8 million in 2010, a 58% increase since 1997 and Black businesses generated revenues of $92.7 Billion that year.
Black Americans are also gaining ground in education. In 2010, 18% of Black Americans held Bachelor Degrees and 1.4 million held advanced degrees (Master's, J.D., M.D. PhD).
More than 70% of African American’s read community-based news and publications.
As this group becomes more educated and their median household income increases, they will have greater control of the consumer marketplace. Black Americans are attracted to companies that represent their lifestyle with targeted messages and images. It is the responsibility of marketers to attract and maintain a relationship with the African American consumer.
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