A variety of measures indicate that the economy did not significantly improve in 2009, as many had hoped. Unemployment rose steadily throughout the first three quarters of 2009 and reached a 28-year high of 10% as of December 2009 with more than 15% unemployment among Black Americans. Consumer confidence remained at historically low levels throughout 2009, although many believe that with the new decade, things are beginning to come around. These factors and others are driving changes in African-American purchasing behavior. Most have become much more frugal, which creates a challenging environment for manufacturers and retailers from a variety of sectors.
Given the fact that many companies are finding it harder than ever to turn a profit, it is especially important to carefully examine African-American cultural influencers and purchasing behavior in order to maximize product development and marketing efforts while identifying areas of potential growth.
This report addresses the following questions:
- Following the economic downturn, how did Black purchasing behavior in 2009 compare with 2008 and previous years? - What are the categories in which Black consumers over- or under-spend in comparison to non-Blacks? - How has the recession impacted African-American lifestyles in 2009? - Were African-Americans more optimistic and willing to spend in 2009, compared with 2008? - What channels tend to perform relatively well during recession? - How have consumption and shopping habits changed during the recession?
