Black median household income decreased by slightly more than $2,000
from 2008-11, more so than for any other ethnic or racial group. Yet,
prices for everyday essentials such as food, transportation, and
utilities continue to rise. This means that Black household budgets are
being shifted from discretionary categories such as apparel,
entertainment, and personal care to cover more essential household
expenses.
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Table of Content
SCOPE AND THEMES
What you need to know
Definition
Expenditure
Data sources
Consumer survey data
Advertising
Abbreviations and terms
Abbreviations
EXECUTIVE SUMMARY
Category expenditures
Black household expenditures increased in almost all categories at a higher rate than other households
Figure 1: Percent change of average annual expenditures 2003-11, by category and race of reference person,
2011
Blacks spend higher percentage of income on housing, apparel, cash contributions
Figure 2: Distribution of average annual expenditures, by category and race of reference person, 2011
Higher income Black households report spending more this year
Figure 3: Changes in spending habits, by household income, 2010 and 2012
Households spending more on basic necessities, cutting back on other items
Figure 4: Changes in household spending, October 2012
The consumer
Black consumers less likely to say they are significantly worse off
Figure 5: Economic status in the last 12 months, by race/Hispanic origin, April 2011-June 2012
Black respondents least likely to report being good financial managers
Figure 6: Attitudes toward personal finance, by race/Hispanic origin, April 2011-June 2012
Black purchasing power
Figure 7: Purchasing power, by race/Hispanic origin, 1990-2017
U.S. Black population
Figure 8: Population, by race/Hispanic origin, 2008-18
Blacks have lowest median income compared to other groups
Figure 9: Median household income, by race and Hispanic origin of householder, 2011
What we think
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ISSUES IN THE MARKET
How is the economy affecting the choices Black consumers make in the marketplace?
What household expenses are taking a greater share of Black households’ budget?
Compared to 2010, how has spending and saving changed for Black consumers?
TREND APPLICATIONS
Trend: No Degree, No Problem
Trend: Prepare for the Worst
2015 Trend: Old Gold
For More Information
Contact:
Hemendra Parmar
State Tower
90 State Street, Suite 700
Albany, NY 12207
United States
Tel: +1-518-618-1030
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