According to Target Market, a company that tracks black consumer spending, blacks spend a significant amount of their income on depreciable products.
Among our favorite purchases are cars and liquor. Blacks make up only 12% of the U.S. population, yet account for 30% of the country’s Scotch consumption. Detroit, which is 80% black, is the world’s No. 1 market for Cognac….
The only area where blacks seem to be cutting back on spending is books; total purchases have gone from a high of $356 million in 2000 to $303 million in 2002. This shortsighted behavior, motivated by a desire for instant gratification and social acceptance, comes at the expense of our future.
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