New Study Shows 37 Million Young Urban Consumers Important to Economy

By Tuesday, April 29, 2008 0 No tags Permalink 0
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A new research report from Packaged Facts called, The Young Urban Consumer Market in the U.S., shows that the Young Urban Consumer are major players in the economy and trendsetting.

Although originally formed in the inner-cities, hip-hop culture has
crossed over into suburbia. More than half, or 57%, of Urban Youth, age
12 to 34, are white, although the proportion of African Americans and
Hispanics who are Young Urban Consumers is greater within their own
ethnic segments than is the case for non-Hispanic Whites.

This group is important to the U.S. economy. Aggregate income of
these 37 million young urbanites will grow from $594 billion in 2007 to
$684 billion in 2012, much of which will be spent on luxury items. At
the core of the trendsetting power of Young Urban Consumers is their
ability to influence the consumer choices of their friends. This
demographic is among the first to try new things and spend their income
on favorite product brands.

“Urban Youth shoppers put a high priority on brand loyalty, and
brands achieving the greatest success have formed a connection with
hip-hop artists,” comments Tatjana Meerman, Publisher of Packaged
Facts. “Significant sales can be attributed to products prominently
featured in lyrics, spontaneously embraced by the hip-hop world and
products that appear to be genuinely used by an artist prior to the
relationship.”

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