The Black Informant | African American Commentary, News and Community Building

According to Target Market, a company that tracks black consumer spending, blacks spend a significant amount of their income on depreciable products. In 2002, the year the economy nose-dived, we spent $22.9 billion on clothes, $3.2 billion on electronics and $11.6 billion on furniture to put into homes that, in many cases, were rented.

Among our favorite purchases are cars and liquor. Blacks make up only 12% of the U.S. opulation, yet account for 30% of the country’s Scotch consumption. Detroit, which is 80% black, is the world’s No. 1 market for Cognac. So impressed was Lincoln with the $46.7 billion that blacks spent on cars that the automaker commissioned Sean “P. Diddy” Combs, the entertainment and fashion mogul, to design a limited-edition Navigator replete with six plasma screens, three DVD players and a Sony PlayStation 2.

The only area where blacks seem to be cutting back on spending is books; total purchases have gone from a high of $356 million in 2000 to $303 million in 2002. (more…)

Older stats, yes, but stats that we still need to improve.

Stats like these make it more difficult to sell the notion to the rest of the world that we are economically deprived here in America. It is all about how we manage what we have.