AFRICAN-AMERICAN MARKET OFFERS SALES OPPORTUNITY FOR RETAILERS.(University of Georgia study)
HFN: The Weekly Newspaper for the Home Furnishing Network, August, 1998 by Ryan, Ken
ATHENS, Ga.-Retailers who consider the needs and preferences of African-American consumers have an opportunity to generate significant revenue. So reports a University of Georgia study on the purchasing power of black consumers, which surpassed $500 billion annually in 1998. Income growth among blacks far exceeds average income growth for all Americans, the study found.
"Consumer goods and services, advertising messages and methods need to be tailored to each minority segment to tap those markets to the fullest," said Jeffrey M. Humphreys, director of economic forecasting at UGA's Terry College of Business, and the study's author.
Buying power is defined in the study as total personal income after taxes.
Humphreys said a combination of factors...
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