A new report from market researchers Claritas finds that although the black American consumer market comprises 12.2% of the total population and is worth $780B in aggregate annual spend, advertisers are allocating only 1.4% of targeted ad spend to this market, and year-over-year media spend is consistently down across channels:

• Network television -13%
• Digital -12%
• Syndicated television -11%

That's a big market, and obviously one that significantly underserved.

Here are more insights into the US black consumer market from Claritas:

• Between 1990 and 2019, the US black population grew by 40% to more than 42 million, and is expected to exceed 21% of the US total by 2024.
• Blacks make up a larger share of the population in younger age groups: 13.4% of children age 4 and younger vs. 7.6% of seniors aged 75+. Blacks will make up an increasingly larger share of the US consumer market as time passes.
• Where most US blacks live:
  • South (60%)
  • South Atlantic (36%)
  • New York, Atlanta, DC, Chicago, Philadelphia DMAs
• Where black population growth is strongest:
  • Cities: Atlanta, Houston, Dallas, Orlando, Tampa, New Orleans
  • Emerging growth states: Washington, Colorado, Arizona, Wyoming
• The mean household income of US black families in 2019 was $61,376 - 27% below US average - but will grow as younger blacks enter the workforce.
• Blacks are more likely than the general population to own a smartphone.
• The top 3 streaming services/apps used by blacks are:
  1. YouTube, used by more than 13M
  2. Netflix (more than 10M)
  3. Pandora (more than 8m)
• Top 3 websites used by blacks are:
  1. Google (19M)
  2. Amazon (12M)
  3. Yahoo (8M)
• Top social media sites/apps used by backs (discounting defunct Google+):
  1. Facebook (17M)
  2. Instagram (9M)
  3. Linkedin (4M)
• 34% of blacks report spending 10 or more hours weekly using the Internet, 38% using social media sites.
• Top 3 ways blacks use the Internet on smartphones:
  1. Listening to music (11 M adults)
  2. Listening to radio (8M)
  3. Playing games (7M)
• Ways blacks use the Internet on smartphones significantly more than the general population:
  1. Job search (145% of mean)
  2. Watching free TV (148% of mean)
• Black households spend on average $50,333 on consumer goods and services.
• Black households spend an average of $2,722 - less than the overall population average - on food and non-alcoholic beverages consumed away from home, but are more likely frequently to use quick-service restaurants, and nearly as likely to eat breakfast in restaurants.
• Black households spend an average of $2,000 on entertainment - less than the US average - but spend more on movies (at theater), professional sports, R&B/hip-hop concerts and health/fitness expos.

Comments - actionable items:

• Note the major geographic black markets, and those that are growing. Advertise there.
• Deliver age-appropriate messages to young people, so they know you when ready and able to buy.
• If you're located in an "emerging black population growth" state - get in early.
• Make sure you're findable in Google and Facebook (and YouTube, if appropriate).
• Make sure all your advertising is mobile-friendly for all those smartphones.
• Run ads near music, news, games and on free TV channels.
• If you own an independent restaurant, try to find ways to outcompete McDonald's (etc.) - maybe breakfast specials could be the tip of a wedge.
• Find ways to be visible at the kinds of events blacks prefer to attend.

When/if I find some research specifically on the black travel/tourism market, you'll be the first to know.