GITNUX MARKETDATA REPORT 2024

Black Consumer Spending Statistics [Fresh Research]

Statistic 1

"In 2019, Black Americans possessed a combined buying power of $1.4 trillion."

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Statistic 2

"Black Americans spend 9 times more on ethnic hair and beauty products compared to the general market."

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Statistic 3

"29% of Black online adults spend their time using banking and financial services."

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Statistic 4

"Black consumer spending on electronics amounts to $50 billion annually."

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Statistic 5

"In 2020, Black-owned businesses generated over $150 billion in revenues."

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Statistic 6

"On average, Black Americans download 44% more mobile applications and spend 36% more time on them compared to the general population."

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Statistic 7

"41% of Black consumers spend money on premium TV services compared to 35% of the general population."

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Statistic 8

"The average Black family spent 91.1% of their income on consumption expenditure in 2018-2019."

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Statistic 9

"52% of Black families own a home in the United States."

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Statistic 10

"Black consumers represented 8.7% of the total US luxury spending in 2019."

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