Multicultural consumers drivers of increased spending this season

New York, NY — Multicultural consumers are expected to drive this year’s increase personal loan to pay deposit in holiday spending with African Americans making up the largest percentage of the increase, according to the 2014 Holiday Sales Forecast released today by Nielsen, a leading global provider of information and insights.

Trends such as rising consumer confidence in the economy, lowered inflation and falling gas prices indicate that consumers overall are eager to spend more this holiday season than last year. Multicultural households are projected to account for 43 percent of the increased spending this holiday season. African Americans are expected to be the heavier spenders this season, accounting for 17 percent, spending more than other multicultural groups.

Twenty-two percent of shoppers have already begun shopping compared payday loans in henderson kentucky to 65 percent of the general population who plan to delay their holiday shopping excursions. While African-Americans, plan to spend more, 70 percent plan to shop later during this holiday season.

So where are African-Americans shopping? With multicultural households driving this year’s online growth, African-Americans plan to spend 20 percent more online compared to last year. African-Americans also plan to spend 15 percent more at electronics retailers and grocery stores this season.

African-Americans’ holiday lists are diverse as well. Electronics including smartphones, TVs and laptops will account for 17 percent more spending by African-Ameri­cans compared to 10 percent of total households. Other product areas where increased spending is planned include cash advance bellefontaine oh 17 percent more on food and 15 percent more on apparel.

African-Americans — at 44 million strong and approximately 14.2 percent of the country’s population – make up a powerful group with a growing impact on American culture and business. This demographic is largely young—53 percent are under the age of 35 – giving them an oversized influence on the latest trends, especially with music and pop culture. In addition, higher academic achievement has translated into increases in household income – 44 percent of all African-American households now earn $50,000 or more and 23 percent earn above $75,000. And these higher household incomes, coupled with overall population growth, are driving the substantial purchasing power of the African-American consumer, which is expected to reach $1.3 trillion in a few short years.

The 2014 Holiday Sales Forecast insights were derived from two custom studies: a consumer survey of more than 25,000 U.S. households in September 2014 and sales forecasts from an analysis of 92 categories covering five departments representing more than $100 billion in sales.

To read more about this year’s holiday shopping findings, visit www.nielsen.com.

For more insights on African-American consumers, please visit Nielsen’s microsite for African-American consumers at www.niel-sen.com/africanamericans.

This article originally published in the November 10, 2014 print edition of The Louisiana Weekly newspaper.