A new report detailing the record-setting spending power of African American women has further buoyed the confidence of Black female entrepreneurs, who said the information proves their undeniable value to the United States and the global economy.
The report titled, “African American Women: Our Science, Her Magic,” was released by Nielsen during the Congressional Black Caucus Foundation’s annual legislative conference; it revealed that African American women’s consumer preferences and brand affinities are resonating across the mainstream culture, driving total Black spending power toward a record $1.5 trillion by 2021.
The report also noted that Black women comprise 14 percent of all females in the U.S. (“24.3 million strong”) and 52 percent of all African Americans.
With an average age of 35.1 years (versus 42.8 for non-Hispanic White women and 39.4 for all women), Black women have enjoyed steady growth in population, incomes and educational attainment.
Sixty-four percent of Black women currently enroll in college right out of high school and 23 percent over the age of 25 have a bachelor’s degree or higher, up from 18 percent in 2005.
Further, the report noted that the number of businesses majority-owned by Black women grew 67 percent 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.
“This report is helpful to show banks and brands that Black women are highly qualified to be recipients of fair lending and to be fairly represented in advertising campaigns,” said Samantha Gregory, the founder of the website richsinglemomma.com, a platform developed to help single mothers earn extra cash. “As a Black woman in technology and personal finance, who is also a business owner, those statistics are useful, when I am making a case for working with brands for my blog and business.