Nope, that was certainly not a misprint and by 2011 black spending power will total $1 Trillion dollars. To get an exact caption of what to expect according to Selig Center for Economic Growth at the University of Georgia’s Terry College of Business “African-American buying power is expected to reach $1.1 trillion by 2011.”
To tap into this marketplace you have to know what is in and out. For God’s sakes please, please don’t attempt the “Talk Black” techniques. This is where most brands fail even when hiring black people to talk black. You would think that black people would know how to talk black, right? Being anything first is a lifestyle approach and perspective. Master this concept first and you can effectively market to an audience.
Ford Motor already staked its claim on professional black women. Launching “Touch Me All Over” campaign, created by UniWorld Group. An attempt to make Lincoln brand look sexy and smart for its styling and technology.
So who and what is controlling influence over the $1 Trillion Dollars in black spending buying power. Her name is Nicki Minaj! She is urban luxury fashion, beauty, style, and class. Nicki Minaj is the next generation of Hip Hop having the skills to rap and write songs with the ability to really carry a tune.
On November 23, 2010 Minaj will release her first debut album “Pink Friday” (Buy Now, click on Pink Friday) and anticipation is history will be made. She is already the first female rapper in history to have seven songs on the Billboard Hot 100 chart.
What influences the $1 Trillion Dollars spending buying power of black people the most? Urban luxury lifestyle! Habits that represent lifestyle experiences such as frequently going to the movies, restaurants, traveling, shopping, entertaining, plays, sports, and concerts.
Black people are obsessed with urban luxury lifestyle happy to show off labels and brands. The importance of relationships and reputations are valuable plus held in high regards. Who you know and who knows who you know.
Smart brand marketers should start thinking urban luxury lifestyle to attract and target black spending power.
Mosnar Communications offers consulting in targeting black spending power for high-end luxury brands. For more information please contact Ann Lane at ann@mosnarcommunications.com .