Tennessee TRIBUNE – Delivering Tennessee’s Growing African-American Audience 10/22/2007
Despite relatively low incomes of African-American
workers in Tennessee, the African-American economy is a significant factor in the state’s economy. About $6.9 billion were spent by African-American residents in retail and service, according to estimates based on recent consumption data. The largest amount, about 38% of the total, is spent on housing. The two next largest categories are transportation, about 19%, and food, about 18%. By far, the largest share of this spending is by residents of Memphis. African-American residents of the Memphis metropolitan area (which includes two counties not in Tennessee) are estimated to have spent over $3.1 billion for consumer goods and services in 1994, while residents of the Nashville metropolitan area spent almost half that amount. The obvious difference in the African-American population of these areas accounts for the majority in the different spending levels.
Over the next few years, the African-American population in Tennessee
is projected to hit 920,546, or an 18% increase this decade, according to a University of Georgia study. This group’s buying power, meanwhile, will have increased 83.4%, giving the state a ranking of 23rd nationwide in percentage rise.
With African-Americans accounting for $1.50 out of every $10 in buying power in the state, Tennessee ranks 12th nationally in “market share claimed by these consumers.” The study projects their buying power – or total personal income after taxes – will be $12.8 billion next year, or about 2.4% of the nationwide total of $532.7 billion. How can advertisers access this growing base? By advertising in the The Tennessee Tribune.
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