NIELSEN REPORT: With 67% Growth in Business Startups and 64% of High School Grads Going Straight to College, “Black Girl Magic” and Brand Loyalty is Propelling Total Black Buying Power Toward $1.5 Trillion by 2021
In Nielsen’s new Diverse Intelligence Series report, the global performance management company paints a portrait of Black women as trendsetters, brand loyalists and early adopters who care about projecting a positive self-image. They are playing an increasingly vital role in how all women see themselves and influencing mainstream culture across a number of areas, including fashion, beauty, television and music. Young, independent and 24.3 million strong, Black women comprise 14% of all U.S. women and 52% of all African-Americans. Relatively young with an average age of 35.1 years (versus 42.8 for non-Hispanic White women and 39.4 for all women), they have enjoyed steady growth in population, incomes and educational attainment. Sixty-four percent enroll in college right out of high school and 23% over age 25 have a bachelor’s degree or higher (up from 18% in 2005).
“Black women have strong life-affirming values that spill over into everything they do. The celebration of their poweR&Beauty is reflected in what they buy, watch and listen to, and people outside their communities find it inspiring,” says Cheryl Grace, Senior Vice President of U.S. Strategic Community Alliances and Consumer Engagement, Nielsen. “Understanding how Black women’s values affect their buying decisions has long been a marketing necessity. Now, marketers must also recognize the intercultural influence of Black women on the general market as an increasingly vital part of how all women see themselves, their families and the rest of the world