Growing population drives dollar volume.
Growing population drives dollar volume
NEW YORK - Black population growth should drive the annual dollar volume of ethnic health and beauty aids past the $600 million mark in 1994, according to market research firm Packaged Facts Inc.
With the black population reportedly growing three times as fast as the white population, Packaged Facts notes that the number of blacks could increase from the 1990 Census figure of 29.9 million (12.1% of the national total) to 36 million by the year 2000 and 44.5 million by 2030.
Blacks enjoy greater disposable income than ever before, and on average are younger than whites. The median age of blacks is 24, compared with 29 for whites. And half of all blacks are under 20.
"This is significant for the market under review because the prime consumer age group for personal care products is 18 to 34," says a Packaged Facts report on ethnic H&BAs.
The report notes that blacks are concentrated in six of the nation's largest cities: New York, Los Angeles, Chicago, Detroit, Philadelphia and Washington, D.C. "However, studies show that where blacks work is more important to buying habits than where they live," the report says. "Black women tend to shop near their places of employment (either during lunch or before and after work), rather than in neighborhoods."
Indeed, the increasingly prominent role of black women in the work force and their attention to their appearances as one element of job success is a key factor in the market's growth, according to the report.
Packaged Facts president David Weiss says that, aside from demographic trends, blacks are rising politically and have become a valued segment of American culture. He says ethnic pride can only promote ethnic H&BAs.
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|Title Annotation:||Black population growth will increase dollar volume of ethnic health and beauty aid sales|
|Publication:||Chain Drug Review|
|Date:||Apr 8, 1991|
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