A report from consumer research company Nielsen has declared Black women not only establish buying trends but will play a pivotal role in raising Black spending power to $1.5 trillion by 2021.
The study “African-American Women: Our Science, Her Magic“ is Neilsen’s second market analysis focused on Black women.
“Now more than ever, 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,” reads a summary of the study.
As evidenced by the report’s title, Neilsen researchers connected their findings to the reality of the popular hashtag-turned-movement #BlackGirlMagic.
“[The Black woman’s] perseverance against socioeconomic headwinds, and her gains in entrepreneurship and academic success directly contribute to her being the economic engine of the black community,” the analysis reads. “This report offers data and insights to Black women’s ability to drive product categories and shift culture—and make it look like magic.”
The report also noted the value a sense of style holds for Black women makes them core consumers in the fashion market. They’re also credited with setting fashion trends and influencing culture.
“African-American women are making advances in key categories that cannot be ignored: population growth, educational attainment and entrepreneurship. Building on the resourcefulness and perseverance of previous generations of black women, they are embracing their power to choose–taking charge of how they look, how they work, how they consume entertainment and information and how they leverage the dollars they spend.”
The full report can be read here.