"The significance of the findings is not just in the surprising fact of an increase in travel among the Affluent African American market, but also how these trends impact industries outside of traditional travel and tourism," says Andrea Hoffman, founder and CEO of Diversity Affluence. "Restaurants, advertising companies, insurance companies, chambers of commerce, and arts organizations are only a few of the ancillary industries that also benefit from the increased travel among Affluent African Americans."
The study has identified a new segment of jet setters, according to Hoffman, noting the information is important to anyone seeking to understand travel patterns and needs in order to reach new customer markets.
Key findings in the study include:
Affluent African Americans Travel Frequently. Almost all Affluent African Americans respondents took multiple overnight vacations in 2011 and over half took at least five overnight trips. Despite challenging economic conditions, this group is traveling more than ever with almost half of all respondents increasing their travel over the past three years.
Affluent African Americans Travel with Others. More than three-quarters of study respondents traveled with family and friends. By marketing to Affluent African Americans, businesses reach a larger market and thus experience a greater return on investment.
Effective Marketing to Affluent African Americans Requires Understanding. This important market is a knowledge, luxury, and value-driven group and thus understanding their motives and the most effective ways to reach them is paramount. Diversity Affluence's focus is just this; helping organizations utilize their marketing resources to effectively reach this substantial and often overlooked market.
"The Affluent African American market travels frequently, often with others, leading to large revenue for businesses,"
Hoffman examines the $87.3 billion market exclusive to Affluent African Americans in "Black is the New Green: Marketing to Affluent African Americans," the book she co-wrote with Len Burnett. To purchase the Travel Trends study or to learn more about "Black is the New Green" and Diversity Affluence, go to DiversityAffluence.com.
About Diversity Affluence:
As the only company of its kind, Diversity Affluence is a New York-based diversity research, marketing communications and business development consultancy that helps brands and businesses understand and market to affluent ethnic consumers-a group coined as "Royaltons™."
For more information about Hoffman, Diversity Affluence or "Black Is The New Green: Marketing to Affluent African Americans," visit DiversityAffluence.com.