Black-focused broadcasting is growing; black consumers, meantime, are educated, successful and have money to spend. That’s according to a study from Arbitron and Scarborough Research.
It compares the market today and to a study done in 2000. The authors say the black consumer niche has $760 billion in spending power.
“Of 30 million black persons age 12+ in the United States, or 12 percent of the U.S. population overall, black persons are more likely to be college graduates, have more money to spend, spend more money on things like cars and cell phones and are more likely to own their own homes than they were five years ago,” the organizations stated.
The population of black college grads has grown 14% in that time; black households with incomes of $75,000 or more have grown 26%; more than 430,000 black persons 18+ plan to spend upwards of $35,000 on new vehicles, up more than 20% in the past five years; nearly two-thirds of black consumers subscribe to cell phone service and many are also willing to pay more than the average for that service; and more than 1.8 million black persons 18+ plan to buy a home in the next 12 months, or 24 percent above the national average.
The study found that black-focused media is growing, “with more and more radio stations, cable networks and others centering their programming on the black consumer.”
The most popular radio formats within the black community are Urban AC (37%), Urban Contemporary (37%), Rhythmic/CHR (21%) and New AC/Smooth Jazz (12%). “Rhythmic/CHR, a format that was not even represented five years ago, today represents nearly 10% of overall listening.”
Study: Black Consumers Are ‘Educated, Successful and Have Money to Spend’
Study: Black Consumers Are 'Educated, Successful and Have Money to Spend'
