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Understanding the power of the black consumer

 The newly formed Black Media Owners Alliance, along with Florida Memorial University School of Business have come together to provide a forum titled INFLUENCE- THE POWER OF THE BLACK CONSUMER. The event is scheduled for Thursday, October 22, in the Lou Rawls Auditorium on the campus of the historical HBCU - Florida Memorial University, from 9:30am until noon. The Black Media Owners Alliance include veteran media owners from Caribbean Today, The Gospel Truth, The Miami Times, The Westside Gazette, Legacy/MIA Magazine, AM 1490 WMBM, South Florida Caribbean News, and Lesesne Media Group Entertainment.

 

 The event is aimed at providing information and awareness in an effort to help marketers and the general public understand their combined resourcefulness and influence. Statistics reflect South Florida as one of the most heavily populated Black consumer regions in the United States. The Black Media Owners  hope to share the benefits of utilizing their deep relationships, cultural and social impact they make on their audiences, and the financial impact of the buying power of their collective audiences.

 

 According to BLACK MEDIA MATTERS CONSORTIUM, Black Consumers have notable distinctions from other consumer groups. Understanding this group is critical to influencing brand preference and loyalty. The consortium adds that Blacks are younger and more suburban; 53% of African Americans are under the age of 35, on average more than six years younger than all consumers.

 

 Additionally, 60% of black households are middle class or higher. Demographic research further reveals that the Black consumer is more Tech-savvy and digitally connected than ever. For example, Black households outpace all ethnic groups and online usage, black people are among the highest percentage of users of smartphones and social media. Driving home the need to connect with the Black consumer is the fact that Black consumers spend more of their disposable income than ever before. For example, Black households with $75,000 + income have increased 1.5 times faster than all US households in the past 5 years. African Americans spend disproportionately higher shares of their incomes on goods and services. And finally, Black consumers are traditionally an invaluable influence on product adaptation by the general market. Surveys reveal that 73% of white and 67% of Hispanics believe blacks influence mainstream American culture. The source of this information comes from a 2013 report by Nielsen as well as the US Census Bureau report on the African American consumer.

 

  “This event will help marketers and stakeholders better understand and appreciate the economic powerhouse that is the Black consumer across America and in specific, South Florida” said Tony C. Lesesne of Lesesne Media group Entertainment. He added that the Black media Owners Alliance is made up of veterans who can provide insight into the demographic that helps define South Florida’s cultural identity.

 

 The Black Media Owners Alliance aims to help advertisers and advertising agencies, understand the dynamics of the regional Black consumer in the marketplace. The massive population numbers help support their reasons. According to Blackdemographics.com in 2011 Florida had the second largest Black population of any state in The United States with 3,141,840 Black residents. Florida ranks just under New York and just above Texas. The Black population in South Florida is not only huge, it’s diverse. The largest percentages of those who claim a foreign ancestry live in southern Florida communities, such as Miami-Dade and Fort Lauderdale. According to the 2010 census, the Black population in the Miami-Ft. Lauderdale was 1,169,185. Add a few more municipalities such as Miami Gardens, Miramar, Pompano, West Palm Beach, Plantation and Homestead, and the population number grows to about 1,394,305.

 

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