As a senior executive at one of the world’s largest and most influential data and statistical information providers, Don Lowery is used to be on the hot seat when it comes to predicting marketing trends and advising entrepreneurs on? how to promote their businesses.
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In an interview earlier this month with TNJ.com, Don Lowery, senior vice president of government affairs for Nielsen?the New York City-based global provider of ratings data and consumer trends—highlighted information contained in the agency’s 2015 report entitled?African American Consumers: The Untitled Story. The report was released earlier this year and, among other things, examined the spending habits of African American consumers on various products and services. ?Black people are willing to pay extra for a product of service that is consistent with an image they want to convey,? Lowery said. ?This is especially true among higher earning African Americans.??
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He added that African American consumers are making gains, upending long held stereotypes and making strides in education, business and social media.
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Another key point highlighted by the former journalist was the big increase in the number of Black immigrants since 1980. The report showed that the number of immigrants of color account for nearly 9 percent of the nation’s total Black population. Lowery said based on current data and trends, the influx of immigrants will account for one in six African-Americans by 2060.
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?This will enrich the cultural mix of Blacks in this country and contribute to the overall increase in consumer education and affluence and offer an even bigger audience for marketers,? he said.? This marks at least the second time Lowery has delivered a keynote address to a group of regional business owners?a feat that dozens of entrepreneurs revere.
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Hosea Johnson, founder and president of Johnson Associate Systems?a leading provider of orthotic and prosthetic services and devices in Turnersville, NJ, said minority-owned business enterprises (M/WBE’s) should utilize and incorporate information provided by Nielsen to not only promote their own businesses but enterprises owned by other people of color.
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?One of the keys to financial security and wealth management is through entrepreneurship,? Johnson said. ?The detailed analysis provided by the Nielsen company can help us make our businesses grow and thrive.?
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Lastly, Lowery said African American consumers continue to become increasingly affluent, educated and diverse—attributes corporations and marketers must realize and embrace.? ?African Americans mirror changes in the new American mainstream,? he said.
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Lowery concluded, ?Multicultural consumers will become the numeric majority by 2044.?
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