Women of color are an economic force to be reckoned with. In the $1.3 trillion multicultural marketplace, African-American women currently have over $600 billion in buying power, according to the Selig Economic Center. That’s more than the Hispanic and Asian women’s markets combined. Companies that haven’t already should take note, as this market is becoming essential to continued business growth.
Black women are succeeding everywhere in today’s marketplace, as businesswomen, entrepreneurs and homeowners. More and more companies are “getting it” and recognizing this audience through special events, programs and marketing campaigns. One place this is recognized is the annual Women Who Are Shaping the World Leadership Summit. Created by the editors of
ESSENCE magazine, this day-long event is designed to enrich Black working women and includes speakers such as Star Jones, Suzanne de Passe, Dr. Juanita Bynum, Roland Martin, Michelle Singletary, Lynn Whitfield, Tasha Smith and Finesse Mitchell. The Summit explores the topics and issues currently affecting African-American women in the workplace, while giving them the opportunity to interact with some of the best and brightest leaders across all fields.
The 5th Annual Women Who Are Shaping the World Leadership Summit is sponsored by L’Oreal Paris and ING, two companies who have taken a leadership role in multicultural marketing. L’Oreal, a cosmetics giant, has long understood the importance of this market and is one of the top five multicultural advertisers. ING, one of the largest global financial services companies, continues to build on a successful strategy of recognizing and reaching growing multicultural and niche markets.
Angela Burt-Murray,
ESSENCE editor-in-chief and host of the event, says “Regardless of where you are on your career path or life stage, the Women Who Are Shaping the World Leadership Summit will be an important step toward your success . . . and inspire attendees to establish and grow their businesses, recession-proof their lives and network with other women who can become vital business connections or lifetime friends.”
The leading lifestyle magazine for African-American women with over 8 million readers,
ESSENCE has showcased the strength and beauty of Black women for decades and is one of the few consistent sources to reflect a multicultural array of beauty instead of the narrow ideal held up by our culture and the media. This is an important point, as African-American women spend 30% more than the overall market on personal/beauty products, a $7.5 billion industry. Proctor & Gamble recognizes this fact with their campaign
“My Black is Beautiful,” a program designed to ignite and support a national conversation by, for and about black women and a celebration of African-American beauty in all its forms. The campaign features participation from P&G beauty and personal care brands including Pantene® Relaxed & Natural, CoverGirl® Queen, Olay® Definity, Tampax® and Always® and is highlighted by a nationwide tour that took place this summer with stops in Chicago, IL, New Orleans, LA, Atlanta, GA and Charlotte, NC. These events were completely free and featured hair and beauty services, concerts, free gifts and samples and discussion groups all aimed specifically at African-American women.
Along this vein, the
Women In Entertainment Empowerment Network (WEEN) hosted 'Pink Carpet' events focused on young African-American women called Don't Judge Me, Empower Me, featuring discussions on relationships, health, financial literacy and career development/leadership. Women in Entertainment Empowerment Network is a coalition of women, particularly women of color, committed to supporting, promoting and defending the balanced, positive portrayal of women in entertainment and in society. Corporate and entertainment industry leaders have joined forces to make a difference, and personalities from music, television, radio, film, and sports such as MC Lyte, LeToya Luckett, Lil Mama, Shanti Das, Melyssa Ford, Free, Alesha Renee, Kevin Liles and Hill Harper participated in this national tour on women's empowerment. Anheuser-Busch, Jet Blue and Enterprise sponsored the event, with many other companies participating on some level.
Today’s African-American women is a savvy consumer and the key household decision-maker, representing over 67% of the total $850 billion in current buying power of the African-American market. The best way to reach her is to find out what is relevant to her and tap into it. More and more companies are “getting it” and reaching out to this audience with the right products and the right messages. These are just a few examples of events that connect, inspire and empower African-American women, recognizing the success and continued economic growth of this segment.
