ROCKVILLE, Md., Nov. 8, 2016 /PRNewswire/ -- Despite the economic and social challenges, African-Americans remain among the most optimistic consumer groups in the American economy. African-Americans: Demographic and Consumer Spending Trends, 10th Edition, a recent report by market research firm Packaged Facts, found that nearly half (47%) of African-Americans think they will be better off financially 12 months from now, compared to just 37% of other Americans Affluent blacks hold especially strong convictions about how their financial future will unfold, though the abiding optimism of African-Americans transcends income levels.
View additional information about African-Americans: Demographic and Consumer Spending Trends, 10th Edition, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/African-Americans-Demographic-10293172/. The reasons for the steadfast confidence of African-American consumers are many and complex. To begin, despite the growing chasm between the very rich and the rest of American society, there are strong empirical reasons for African-Americans to believe that upward mobility remains achievable for them. As highlighted in the Packaged Facts report, key social and economic indicators point to a significant increase in the number of middle- and higher-income African-Americans over the past decade. During this period, the number of African-American households with an income of $100,000 or more jumped 83%, while the number of African-Americans employed in management and professional occupations grew from 3.8 million to 4.8 million, an increase of 26%. There are now nearly two million blacks who earn at least $75,000 annually. The confidence of black consumers may also stem from the "Obama effect," a phenomenon that among other things sparked renewed optimism among African-Americans based on their pride in the election of the country's first black president. A Packaged Facts analysis of trends in the consumer confidence index of Simmons National Consumer Study data has found a factual basis for this hypothesis. In 2007 blacks were less likely than other Americans to be ranked as "highly confident" consumers (20% vs. 25%). By 2009, the year after the election of President Obama, the positions of each segment had reversed, as 26% of blacks and just 17% of other Americans were classified as "highly confident" consumers. By 2013, following the re-election of President Obama, 42% of black consumers were rated as "highly confident" compared to just 28% of other American consumers.