Affluent African Americans are an educated, sizeable and often untapped opportunity for luxury brands, said Leonard Burnett, Co-CEO, Group Publisher of Uptown Media.
NEW YORK (PRWEB) August 26, 2008
"Affluent African Americans are an educated, sizeable and often untapped opportunity for luxury brands, said Leonard Burnett, Co-CEO, Group Publisher of Uptown Media. "This unprecedented study aims to arm marketers with data and insights to help them more effectively target this growing audience."
The study comprised a national online survey and a series of regional focus groups in Atlanta, Chicago, and Washington DC from March-July 2008. The respondent mix was 35% male and 65% female; 68% were single and 32% were married or committed.
Some key results from the study:
Purchasing Power of AAAs in the US (individual income of $100K), is estimated at $29.8 billion.
AAAs conduct extensive research on luxury items prior to purchase.
Decisions influencing purchase include tailored advertising, personalized service and event marketing at the retail level.
AAAs are aspirational and focused on trading up to more luxurious brands.
Fashion is an expected luxury and is equally important to both men and women.
Men's fashion spending was focused on career wear, casual wear and shoes; while women spent on purses and shoes.
"The comprehensive study took five months to complete," said Andrea Hoffman, CEO of Diversity Affluence. "What was once considered luxury has now become necessity."
About Uptown Media
Founded in 2004, Uptown Media is the only luxury lifestyle company that targets the Affluent African American (AAA) Market. UPTOWN Magazine affords luxury purveyors the broadest access to this highly sought-after male and female demographic. Uptown Media Group, LLC offers both traditional and innovative strategies, including UPTOWN Magazine (published quarterly with NYC, Chicago, Atlanta, Washington DC and National editions), UptownLife.net, the interactive website and Uptown's signature events. UPTOWN Magazine is available by subscription at http://www.uptownlife.net and on national newsstands, including Hudson News. UPTOWN Magazine, a toast to Luxury, Lifestyle and Living.