African-American Women’s Spending Power To Top $342 Billion By 2006
November 15, 2005
The 19 million African-American women in the U.S. are expected to grow their spending power 32% from $259 billion in 2001 to $342 billion in 2006, according the “Power of the African-American female consumer (update No. 2)” report by The Hunter-Miller Group, Chicago. They are often primary household decision-makers. With a median age of 31 in 2002, African-American women tend to be well-educated and are advancing professionally in business, law, medicine and other fields. This group is expected to spend $1.3 billion on hair care products in 2004. Also, 28% change some aspect of their style (clothing or hair) on a regular basis compared to 8% of white women, 64% would pay more for a better quality item compared to 57% of white women and 42% said luxury or upscale products make them feel better about themselves compared to 26% of white women. More info: (773) 363-7420; Website: www.huntermillergroup.com.