With little notice from the mainstream media or mass markets, one demographic group has come to embody the reality of the American dream of educational attainment and upward economic mobility in a way that no other group has.
This group, known collectively as the pan-African market and consisting primarily of foreign-born blacks, as well as first-and-second-generation immigrants from Africa and the Caribbean, has vigorously capitalized on the economic and educational opportunities that were lacking in their homelands but abundant in the US.
According to the most recent census data, Foreign born-blacks, specifically African immigrants, are now the most educated immigrant group in the U.S., surpassing Asians. More than 43% of African immigrants hold a bachelors degree or higher, compared to just 19% for U.S. born blacks. Foreign-born blacks also have an average household income of $43,000 compared to just $33,500 for U.S.-born blacks.
What has prevented the incredible educational and economic rise of this group from being fully understood and contextualized is that, as a market and a demographic group, they are often simply thought of as indistinguishable from the market of U.S.-born blacks or as part of the amorphous group of multicultural immigrants.
Such groupings do not allow the unique cultural and socioeconomic circumstances of the pan-African market to be truly explored. In fact, looking at the statistics, much of the economic growth seen in the black and multicultural markets over the past few years has been driven primarily by the astronomical growth of the pan-African niche.
Given how badly the media, companies, and marketers have misunderstood and miscategorized this niche in the past, it remains a rich and untapped market. Furthermore, as time has gone on, it has become clear that the second and third generations of the pan-African demographic group are maintaining the same unique upward educational and economic drive as their immigrant parents and grandparents, as well as the unique cultural and socioeconomic choices that mark the pan-African market as distinct from the larger immigrant or black markets.
This lack of convergence with the larger market means that the pan-African market will remain a fast-growing economically-ascendant group for generations to come.
Marketers require a niche cultural marketing approach in order to tap into the limitless potential within this market.
This is where Bábu Global comes in. As experts on this market, with nearly a decade of experience and a deep understanding of the needs and preferences of this unique market, let us help you develop the right pan-African Strategy for your business.