#intheBLACK to Highlight Black Consumer Spending Power
#INTHEBLACK LAUNCHES TO HIGHLIGHT BLACK SPENDING POWER
History Making Consortium to Launch a Multi-Media Initiative Highlighting the Power of the Black Consumer
NEW YORK – June 25, 2012 – BET Networks has partnered with HuffPost BlackVoices, Black Enterprise, Burrell Communications, Cable Advertising Bureau, Essence Communications, GlobalHue, Inner City Broadcasting Company,KJLH Radio, Johnson Publishing Company, National Association of Black OwnedBroadcasters, Nielsen, North Star Group, National Newspaper Publishers Association, One Solution, Radio One, TV One, Interactive One, Reach Media,Steve Harvey Radio, TheGrio, The Root, The Africa Channel, UniWorld Group, Vibe Media and Walton Isaacson to create a history making black media and marketing consortium. The consortium is launching a revolutionary #INTHEBLACK campaign to encourage increased investments in the African American consumer marketplace while helping companies reach the African American audience more effectively.
The consortium will use its collective resources and strength to speak to the advertising community and consumer audience to raise awareness and create a sense of urgency around the economic opportunity the black consumer segment presents. African American media has the unique ability to reach the African American consumer base directly and is an important resource in identifying and establishing trends within the black community. #INTHEBLACK aims to amplify the value of engaging African Americans through black targeted media and agencies.
African Americans represent over 42 million strong consumers, product talkers and brand influencers with a buying power of nearly one trillion dollars annually. By 2015, African American buying power is estimated to gain a whopping 35% hitting 1.2 trillion dollars, up from $913 billion in 2008.* African Americans are mega consumers beating out all other ethnic groups in the consumption of automobiles, wine & spirits, baby care products, groceries, health and beauty products, personal care products, apparel, electronics, movies and travel and entertainment.
“We are excited to partner with some of the nation’s most influential media and marketing groups to highlight the growing economic opportunity of the Black marketplace. As a collective, we are better positioned to demonstrate the value of targeting the black consumer audience and partnering with leading brands to help them succeed” said Debra Lee, Chairman and Chief Executive Officer, for BET Networks.
African Americans are crucial to the consumer economy and their sphere of influence is growing rapidly:
· With buying power of nearly one trillion annually, if African Americans were a country, they would represent the 16th largest economy in the world (slightly smaller than Canada but larger than Australia) – Nielsen 2011 State of the African American Consumer
· Between 2000-2009, African American homes have experienced significant growth amonghouseholds earning $75,000+ (up 63.9%) and households earning $100,000+ (up88.7%) – Nielsen 2011 State of the African American Consumer
· Nearly one out of every seven babies born in the United States are of African American descent – National Center for Health Statistics based on CDC’s National Vital Statistics 2010
o There are 1,702 African American babies born daily; more than half a million AA babies (623,029 babies) join our population every year – Source: US Census Statistical Abstracts- Live Births, Birth Rates and Fertility Rates.
Every hour on the hour, there are 71 African American babies entering the world’s population– Source: US Census Statistical Abstracts- Live Births, Birth Rates and Fertility Rates.
#INTHEBLACK will be keeping consumers informed on companies that are exemplary leaders in supporting and working with the African American community. For more information or to find out how you can help, visit areyouintheblack.org.