"Black Girl Magic" and Brand Loyalty is Propelling Total Black Buying Power Toward $1.5 Trillion by 2021

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

WASHINGTON, Sept. 21, 2017 /PRNewswire/ -- African-American women's consumer preferences and brand affinities are resonating across the U.S. mainstream, driving total Black spending power toward a record $1.5 trillion by 2021, according to African-American Women: Our Science, Her Magic, a Nielsen report released today. Self-made and self-reliant, the number of businesses majority-owned by Black women grew 67% between 2007 and 2012, more than all women combined. The latest U.S. Census figures show African-American women have majority ownership in more than 1.5 million businesses with over $42 billion in sales.

 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 and 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."

Highlights of African-American Women: Our Science, Her Magic include:

Independent and self-made The African-American woman's independent mindset is present in her growing confidence, self-awareness and rising income. Black women are not only redefining what it means to be a woman for themselves, but are at the vanguard of changing gender roles and unlimited possibilities for American women of all ages and races.

• 64% of Black women agree their goal is to make it to the top of their profession (95% higher than
• non-Hispanic White women). 
• 58% agree that they don't mind giving up their personal time for work (20% higher than non-Hispanic White women). 
• 14% of Black women have annual incomes of $50,000 or higher (up from 9% in 2005). 
• Ages 35–49 have the highest income within the black female cohort. 
• For Black millennial women (18–34), 81% have never been married, up from 71% in 2005. 
• With an average household size of 2.47, 29% of total Black American households contain a married couple.      Click here to read more.