$688 Billion African-American Market.

Interep Research released a research report entitled, “Black Consumers: A $688 Billion and Growing Market,” highlighting the increasing purchasing power of the African-American market.

According to Sherman Kizart, VP/Director of Urban Marketing, “This latest study reinforces the upward trend in economic power and influence among African-Americans that we have been tracking for the past decade. Reaching this community is now a key priority for virtually all national advertisers.” He added, “This report also shows that African-Americans are heavy radio users, spending over one-third of their media time with the medium. Advertisers who do not include Urban Radio in their total media plan limit not only their reach, but also their ability to effectively impact black consumers.” According to the report, African-Americans spend 36% of their daily media time with radio. In the Top 10 black markets, Urban Radio reaches 77% of African-Americans each week.

Facts on Black Buying Power:

Black buying power has increased by 116% since 1990, compared to an increase of 92% for total U.S. buying power during the same period,

In 2003, the black share of total U.S. buying power was 8.4%, up from 7.4% in 1990,

Black family income rose over 50% in the past decade; 33% now earn over $50,000,3

From 1990 to 2001, college enrollment by recent high school graduates increased 60% for Blacks, compared to just 17% for all races in the U.S.

The number of Blacks in managerial and professional specialty occupations grew by 157% in the 19 year period ending in 2002,