So far, the holiday shopping season is off to a weak start, with sales for Thanksgiving and Black Friday up only 2.3% over last year’s numbers. Given that store foot traffic was actually down on Black Friday compared to a year ago overall, should retailers now pin their hopes on a surge in attraction to the online shopping bargains of Cyber Monday?
Possibly, and they should keep their eyes on African American consumers, who are project to have buying power of $1.1 trillion by 2015. A recent report by Nielsen shows a leap in interest in Cyber Monday by African Americans, particularly on coupon and reward sites.
“I think what is interesting is the new picture we’re getting of the black consumer, said financial journalist Stacey Tisdale, speaking on NewsOne Now with Roland Martin. “On Cyber Monday, the people who plan to spend more online are black folks – almost the highest of any other group.”
Despite the growth in interest, black people are still being overlooked by advertisers, says Tisdale. ”It’s going to be interesting to watch how the retail industry is going to have to shift to adapt to these patterns,” Tisdale said. “Our numbers are too big and we’re too powerful a force, and we’re going to have to be reflected.”
Listen to the conversation about black people and holiday shopping, which begins at the 4 minute mark, in the clip below.