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Black Consumers and Financial Services - US By Mintel International
Black Consumers and Financial Services - US
Mintel International Group Ltd.
About the Publisher
Mintel Reports have been providing the world’s leading businesses with the insight and
inspiration to create clever, targeted and successful marketing strategies for over 30 years.
As an internationally recognised market analyst, Mintel produces some 600 Reports into
European, US and UK-specific markets every year. Our series of Reports offers you a new
understanding of all the major food and drink, consumer goods, retail, finance, leisure and
travel markets. Mintel is also renowned for our research into changing consumer lifestyles
and the implications for business.
Each Report provides a unique overview of a market's dynamics and prospects, enabling
you to devise effective business strategies for both the short-and long-term.
While analysis of a market’s major players helps you track competitors or identify new
entry points, innovative consumer research offers you the chance to tailor your services to
consumer demand; a great way of boosting profits and growing your market share. Use
Mintel Reports to find out what motivates or deters consumers from making purchase
decisions, what they think about your business and discover how to best reach key target
According to the U.S. Census Bureau, the Black population represents 13% of the U.S. population and is expected to
reach 43.8 million by 2018 – a 12% increase from 2008. Black consumers tend to be younger, female-headed
households and larger households than the general market. Despite lower household incomes and higher
unemployment rates, Black buying power is currently at $1 trillion. Black spending power is expected to climb to $1.3
trillion by 2017, representing a 313% gain from 1990. Higher education levels, and the resulting higher paying jobs,
are the primary drivers behind this increasing purchasing power. Importantly, despite the impact the “Great
Recession” had on Black consumers, expenditures across many categories remained stable and in some instances
Black Consumers and Financial Services - US - July 2013 explores the following issues related to Blacks and financial
Net worth of Black consumers is significantly less than that of White consumers. Given the relatively high rate of
unemployment and the impact of the housing crisis, many African-Americans have less-than-perfect credit scores
and significantly lower net worth than their White counterparts. According to an article in CNNMoney, White
Americans have 22 times more wealth than Blacks – a gap that nearly doubled during the Great Recession. The
median household net worth for Whites was $110,729 in 2010, versus $4,995 for Blacks (source: U.S. Census
Bureau). Blacks are less likely to be homeowners, what are the implications for the insurance industry?
Black consumers over index on mobile usage: Given African-Americans’ high usage of mobile and accessing the
internet in that manner, to what extent does this apply to banking and other financial transactions?
Black consumers are much more likely than Whites to be unbanked/underbanked and uninsured/underinsured: All
things considered above, and because historically African-Americans have had a major distrust of the financial
industry due to greater risk of being a victim to predatory lending practices, how can the industry develop a stronger
relationship with the Black community?. As for insurance, particularly life insurance, African-Americans value life
insurance because they don’t want to leave the burden on their families.
This report builds on Mintel’s Black Consumers’ Share of Wallet – U.S., January 2010; Share of Wallet: Blacks – U.S., February 2013,
and Retail Banking – U.S., October 2012. In addition, the report refers to: Blacks and Financial Services – U.S., March 2010.
This report examines Black consumers’ attitudes and behaviors toward financial services. This report is an update of the July 2010
report. For clarification, the report will cover the following financial products and services:
Insurance – auto, life, P&C, and health
Financial – banking, investments, retirement plans, etc.
Data sourcesConsumer survey data
For the purposes of this report, Mintel commissioned exclusive consumer research through GMI of 2,005 Black adults aged 18+ with
internet access. Mintel was responsible for the survey design, data analysis, and reporting. Fieldwork was conducted in May 2013.
Mintel selects survey respondents so that they are proportionally balanced to the entire U.S. adult population based on the key
demographics of gender, age, household income, and region. While race and Hispanic origin are separate demographic
characteristics, Mintel often compares them to each other. Please note that the responses for race (White, Black, Asian, Native
American, or other race) will overlap those that also are Hispanic, because Hispanics can be of any race.
Black Consumers and Financial Services - US
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