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Demographics and Buying Trends of African American Millennials
- 1. Demographics of African American Millennials Neo Soul Consumers
- 2. African American Snapshot 45 Million Citizens $35,610 Median HH Income 84% of Those 25 or older have at least a high school diploma 27% are poor 19% of those 25 or older have at least a Bachelor’s Degree
- 3. African American Snapshot 10% of HHs have Annual Incomes of $100,000+ 35% of African American HHs earn $50,000+ 54% of African American HHs reside in Urban or Suburban Areas 71% of African Americans are voting age
- 4. African American Population Growth
- 5. African American Buying Power
- 7. Top African American Metropolitan Markets
- 8. Top African American Southern Markets
- 9. Top Cities for Wealthy African Americans 0 5 10 15 20 25 30 Atlanta Baltimore Boston Chicago Houston Los Angeles New York Philadelphia San Francisco Washington Metro % African American Residents with incomes over $100k
- 10. Average Years of Buying Power
- 11. Neo Soul Demographics Neo Soul HHs are 127% more likely to include a single parent usually a woman 40% of African Americans about 18 million citizens are Neo Souls – between the ages of 18 and 44 32% of Neo Souls are married/50% have never been married 16% of Neo Soul HHs include children under the age of 18
- 12. Neo Soul Consumer Snapshot 85% live in urban metropolitan areas 82% of total HH purchases are major name brands Shape American culture according to 73% of Whites/67% of Hispanics 40% of Neo Soul women say they are Trendsetters 81% of Neo Souls trust products advertised in Black media Spend 18% of their income on Hair and Beauty products
- 13. The Typical Neo Soul Resides in a Southern city with a $35k HH income 32 year old, brand loyal, employed, unmarried female Deal-seeker who seeks discounts and new trends Mobile and socially connected via her smartphone She & her friends see her as a trendsetter Black enterprise & corporate social responsibility are important to her Uses smartphone to get health & employment information, entertainment, make purchases, & post reviews
- 14. Key Neo Soul Consumer Values HEALTH TRENDSETTING LUXURY CULTURE MOBILITY
- 15. Meet the Neo Soul Adept Smartphone Users Brand Loyal Deal Seekers Receptive to Advertising Trendsetting Social Networkers Health & Beauty Conscious
- 16. Meet the Neo Soul Shop More but Spend Less Decades of Expanding Buying Power Pioneer Shoppers Ready to Buy and Focused on Luxury Support Black Businesses
- 17. Neo Soul Trendsetting Attitudes Music Fashion Social Media Health & Beauty Television & Movies Consumer Products Urban Culture & Lifestyle
- 18. EbonIDEATION
- 19. For More Information Visit Us at: http://digimechanix.com
Editor's Notes
- Neo Soul Consumers: African American Smartphone Usage &Purchase Behavior
- There are about 45 million African Americans living in the US today 84% of those 25 years or older have at least a high school diploma The median household income for African Americans is more than $35k per year compared to almost $52k nationally 27% are poor compared to a national average of 14.5% 19% 25 years or older have at least Bachelor’s Degree 10% of African American households have a annual income of $100k 35% of African American HHs have an annual income of $50k+ 54% of African American HHs reside in urban or suburban areas compared to an overall average of 41% And 71% of African Americans are voting age
- T10% of African American households have a annual income of $100k 35% of African American HHs have an annual income of $50k+ 54% of African American HHs reside in urban or suburban areas compared to an overall average of 41% And 71% of African Americans are voting age
- African Americans represent about 14% of the US population today but by the year 2060 they will represent almost 18% of the US population with an estimated 75 million people
- African Americans have a combined buying power of $1.2 trillion. This ranks 16th compared to the gross domestic product of the world’s richest nations. If African Americans were a nation they would rank just behind Mexico and ahead of Indonesia, the Netherlands, Turkey, Saudi Arabia and Switzerland.
- Right now 55% of African Americans live in the South 54% of the adult African American population is female 53% of the African American population in under the age of 35 52% of employed African Americans are female
- Almost 40% of African-Americans live in the 12 metropolitan areas shown here with New York Atlanta Chicago and Washington DC having the largest African American populations. It’s noteworthy that almost 9% of African American citizens live in New York City alone.
- In addition, Washington DC Atlanta, Dallas and Houston lead the largest Southern cities in regard to African American Population. Taken together almost 13% of African Americans live in these four cities.
- In terms of wealthy African Americans with incomes over $100k -24% reside in Washington DC -19% live in San Francisco and 16% of wealthy African Americans in live in New York and Boston respectively
- This graphic shows that with an average life expectancy of 74 years and a median age of 32 years the typical African American consumer has about 42 years of effective buying power left in his or her lifetime. In comparison, the typical Hispanic consumer has almost 57 years and a typical Asian American `consumer has about 52 years of effective buying power left. This shows that African Americans represent about a third of a more than $3 trillion multiethnic consumer market that will change business as usual in the US. African American Millennials – or Neo Souls – will be significant contributors to that change.
- Neo Souls represent 40% of the African American population roughly 18 million people between the ages of 18 and 44. -32% of them are married -while 50% have never been married -their HHs are 127% more likely to include a single parent usually a woman -and 16%of Neo Soul HHs include at least one child under the age of 18
- 85% of Neo Souls live in urban metropolitan areas 81% trust products advertised by black media 82% of total purchases in Neo Soul HHs are major name brands 73% of whites and 67% of Hispanics say Neo Souls shape American culture 40% of Neo Soul women say they are trendsetters And 18% of Neo soul income is spent on hair and beauty products
- The typical Neo Soul is a 32 year old brand loyal, employed unmarried woman who lives in a Southern City in a household with 2 other people and a household income of about $35,000. She is mobile and socially connected via her smartphone, a deal seeker who likes discounts and new trends, and sees herself as a trendsetter as` do those around her. She uses her smartphone to seek health and employment information, get entertainment, to make purchases, and to tell others online about stores she went to or about products and services she recently bought. Black businesses and corporate responsibility are important purchase factors for her.
- This unique Neo Soul Consumer profile is centered around five consumer imperatives; Mobility, Health, Luxury, Trendsetting, and Culture.
- So how are Neo Souls best described? They are: Adept Smartphone Users Brand Loyal Deal Seekers Receptive to Advertising Trendsetting Social Networkers Health and Beauty Conscious
- They are Pioneer shoppers Shop more but spend less Support Black businesses Ready to buy and focused on luxury Have Decades of Expanding buying Power
- Over the next 4 decades Neo Soul consumers and the trends they set will dictate the course and development of Music, Fashion, Television & Movies, Social Media, Health & Beauty, Consumer Products, & urban culture and lifestyle,