NEW ORLEANS (NAM) — A new Nielsen report detailing the record-setting spending power of African-American women has further buoyed the confidence of Black female entrepreneurs, who said the information proves their undeniable value to the U.S. and the global economy.
“This report is helpful to show banks and brands that Black women are highly qualified to be recipients of fair lending and to be fairly represented in advertising campaigns,” said Samantha Gregory, the founder of the website richsinglemomma.com, a platform developed to help single mothers earn extra cash.
Santirosa noted that fashion and beauty industries often choose to ignore the purchasing power of Black women.
“I do see the market beginning to recognize Black women more and cater to our spending preferences,” Santirosa said.
“Black women have strong life-affirming values that spill over into everything they do. The celebration of their power and beauty is reflected in what they buy, watch and listen to, and people outside their communities find it inspiring,” said Cheryl Grace, the senior vice president of U.S. Community Strategic Alliances and Consumer Engagement for Nielsen.
The African-American woman’s independent mindset is present in her growing confidence, self-awareness and rising income, according to the report.
The report noted that 64 percent of Black women agree their goal is to make it to the top of their profession; 58 percent agree that they don’t mind giving up their personal time for work — 20 percent higher than non-Hispanic White women.
“The trend of Black women becoming increasingly educated and driving the buying power of Black households, means that they are making purchase decisions that historically they didn’t make,” said Bianca Blake, a marketing specialist.
This article originally published in the October 2, 2017 print edition of The Louisiana Weekly newspaper.