C.R.E.A.M.: Hip-Hoppers Spend Big Bucks
The report titled "The U.S. Urban Youth Market: Tapping the Power of the Trendsetting Hip-Hop Culture and Lifestyle" states that more than 24 million young Americans who identify with hip-hop culture have $500 billon in disposable income which they likely spent on everything from clothing to music to jewelry in the past year.
"That's on everything from music to college tuition," Don Montuori, the report's publisher, told the New York Post.
The report also predicts that their disposable income will grow to $644 billion by the year 2010.
"The U.S. Urban Youth Market" was written by Dr. Robert Brown and Ruth Washton who have written numerous reports analyzing demographic trends and marketing strategies in key consumer segments. The duo interviewed and collected facts from company literature, public relations, government sources, experts and industry analysts in firms that specialize in youth and urban market research.
"Young urbanites spend a lot of money--a lot more than they have," stated David Morse, CEO of New American Dimensions, a market research firm which specializes on urban youth. "This generation is very, very materialistic compared to prior generations. It's not about spirituality and self-realization like the '60s. It's much more about having stuff as an expression of who you are as a person."
"The U.S. Urban Youth Market" is available for purchase at marketresearch.com.