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Friday, March 29, 2024

‘Tis the season for smart shopping

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I’ve spent the last three years sharing with you important facts about African-Americans’ consumer power. And, I know those of us who are certified black-belts in the time-honored martial art of shopping, are fired up for the pre-Christmas super sales with our artillery of cash and/or credit cards in hand.

But first, let’s breathe deeply and think about this, especially in light of recent allegations of retail establishments questioning purchases made by Blacks, which have brought the very essence of our purchasing power under assault. Now, more than ever, it’s important for us to understand what it means to be a “conscious consumer” – particularly during the busiest shopping season of the year.

These are a few important questions you should ask yourself before making any consumer decision:

Did I find this service or product in my neighborhood?

Does this company, network or business hire people who look like me?

Do I see positive images of myself reflected in the content this company or program promotes?

Does this company have a history of supporting causes that better my community?

Am I still willing to spend my limited time or hard earned dollars with this company if the answer to any of the above questions is no?

With that in mind, Nielsen’s Holiday Spending Forecast expects this shopping season to be financially stronger than last year, with dollar sales up about 2 percent. Even though an increase in sales is predicted, 68 percent of shoppers who responded to the survey still feel as though they’re in a recession. Twenty percent of U.S. consumers say they have no cash to spare. Forty-eight percent report living comfortably or spending freely. Fifty-two percent of consumers are only spending on the basics.

Thirty percent of us across all income ranges say we’ll spend between $250 to $500 on gifts this year. Twenty percent of consumers estimate they will spend between $500 to $1,000, with just 6 percent predicting that they’ll drop more than $1,000.

How, where and on what are we expected to spend our money? Dollar stores are expected to enjoy a banner season, with 12 percent of consumers in households earning $50,000 or less, reporting plans to shop in these channels, versus 4 percent of consumers in households earning $100,000 and up. Twenty percent of those consumers in the $100,000+ category say they will be shopping more online, compared to 15 percent of consumers in households earning less than $50,000.

Lots of us enjoy putting smiles on faces with a little “holiday cheer,” so beer, liquor and wine sales are expected to contribute between $60 million and $70 million to the bottom line this season. Snacks and candy are expected to bring in $199 million and $95 million in sales, respectively. Sales of holiday treats such as cheese, jams and jellies are also expected to jump.

African-Americans are frequent shoppers, savvy digital users, high volume owners of smartphones and users of social media and voracious consumers of media – in other words, powerful consumers. 

So, happy holiday shopping. As always, I encourage you to choose wisely.

Cheryl Pearson-McNeil is senior vice president of Public Affairs and Government Relations for Nielsen. For more information and studies go to nielsen.com.

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