by KEN SMIKLE
According to the data found in a new report, The Buying Power of Black America, now may be the most opportune time ever for businesses to develop a strategy for increasing their share of the Black American market. With the nation slowly recovering from recession, Black consumers represent the margin of profitability in most consumer product categories.
“What the recession did to Black America’s buying habits is to give them a reason to re-evaluate how they spent the billions of dollars they earned collectively,” said Ken Smikle, president of Target Market News and editor of the report. “Before tight economic times, companies felt they could afford to take their loyalty—especially to top brands—for granted. That changed during the downturn. Price was a bigger factor driving purchasing decisions. Now brands have to earn the loyalty of Black consumers all over again. Black consumers are asking brands, ‘what have you done for me lately.’”