The power's in the purse: new book explores the consumer influence of minority women.
DID YOU KNOW THAT 88% OF THE ABSOLUTE GROWTH in the U.S. female population from 2000 to 2007 was attributable to women of color, or that minority women comprise a buying power of almost $1 trillion? The significance of those facts to marketers and advertisers is explored in The 85% Niche: The Power of Women of All Colors--Latina, Black, Asian (Paramount Books; $29.99) by Miriam Muley, a book that suggests that women of color can no longer be considered a minority.
"Of the 9.6 million females added to the U.S. population during 2000 to 2007, 8.5 million were Latina, African American, Asian, Pacific Islander, Native American, or Alaska Natives. These demographic changes are creating a seismic shift in the women's market," Muley explains. She worries that marketing to women still focuses mostly on Caucasian women and doesn't target the growing segment of minority women.
Citing reports from the University of Georgia's Selig Center for Economic Growth, and reports from Packaged Facts, a New York-based market research company, Muley says the buying power of women of color will increase to $1.2 trillion by 2010. "Our spending power is comparable in size to the GDP of South Africa, Saudi Arabia, and Switzerland combined," she offers, "ranking women of color the 10th largest global economy."
The segment of women 18 and older--those most responsible for brand selection, household purchase decisions, and word-of-mouth referrals--are often the focus of most advertising campaigns, Muley reports. Of this group, African American women have greater spending power than Asian and Latina women combined.
"With more than $524 billion in economic buying power in 2007, black women are clearly in control of the pocketbook and the decisions in the family."
For more information, visit www.85percentniche.com.