Blacks and Hispanics spend up to 30% more than whites of comparable income on visible goods like clothing, cars and jewelry, the researchers found. This meant that, compared to white households of similar income, the typical black and Hispanic household spent $2,300 more per year on visible items.
Hispanic consumers make up 27% of luxury fashion enthusiasts, while Black consumers account for 22%. This diversity is even more pronounced when compared to the general U.S. population, with upscale fashionistas being 72% more likely to be Black, 54% more likely to be Asian, and 37% more likely to be Hispanic.
Comparing the 148 selected regions regarding the total consumer spending on clothing and footwear , the United States is leading the ranking (558.5 billion U.S. dollars) and is followed by China with 333.4 billion U.S. dollars.
Source: U.S. Bureau of Labor Statistics. For low-income Black households, the top five aggregate expenditure share categories were housing (45.5 percent), total food (23.5 percent), transportation (11.5 percent), healthcare (4.1 percent), and entertainment (3.8 percent).
Nearly 86% of millionaires are white. That's not constrained to just millionaires: According to the Federal Reserve, a typical white family's wealth dwarfs that of typical Black and Hispanic families, with the white family's wealth six and five times higher, respectively.
In 2022, Native American and Black people had the highest share of people living below 100 percent of the poverty level. Across the listed poverty levels in 2022, the Native American female population had the highest share of those below the poverty level in the US, while the white male population had the lowest share.
Black consumer spending and dollar growth for Beauty categories is significantly outpacing that of total US for Cosmetics & Nail, Facial Skin Care, and Hair Care.
Asian American market growth
Almost 21 million Asian Americans, including Native Hawaiians and Pacific Islanders, represent 6.3% of the U.S. population. The group's buying power of $1.3 trillion is larger than the annual economic GDP of all but 13 countries.
Low-income black families are more likely to be poor (family income below the federal poverty level) than other families. More than half of low-income black families (53%) are poor, 3 Page 4 compared with 39 percent of non-Hispanic whites, 44 percent of Hispanics, and 42 percent of other-race families.
Women are the largest consumers of fast fashion
Meanwhile, men generally shop less frequently and are slower to change their fashion habits. A woman aged 18 to 24 is the most frequent consumer of fast fashion!
France: France, particularly Paris, is often considered the global capital of fashion. It is home to iconic fashion houses, luxury brands, and renowned designers. The country's fashion heritage and influence are long-standing and highly regarded.
46% of Gen Z spent more on fashion than anything else in 2022 (5WPR) Gen Z was the only generation to have clothing and fashion as their top spending category. 30% of Gen Z spent more on beauty and personal care than anything else, far more than any other generation.
Households spend an average of 61.9% more on apparel for women and girls than for men and boys. In 2022, U.S. households spent an average of $735 on women's and girls' apparel, versus $454 on men's and boys' apparel. Millennials and single women put a larger share of their money toward apparel.
Total household wealth grew in 2022, but white households still hold the vast majority.
Target: consumer spending share in the U.S. in 2020, by race and ethnicity. In 2020, Hispanic consumers accounted for nearly 15 percent of spending at Target, while African Americans represented nearly nine percent. Meanwhile, White consumers accounted for nearly 67 percent of the company's consumer spending share.
Blacks and Hispanics spend up to 30% more than whites of comparable income on visible goods like clothing, cars and jewelry, the researchers found. This meant that, compared to white households of similar income, the typical black and Hispanic household spent $2,300 more per year on visible items.
Income Levels Vary Across Race, Education, and Sex
In 2023, individuals who identified as Asian or white had median incomes higher than the national median, while individuals who identified as Black or Hispanic had median incomes that were lower than the national median.
The 2023 median incomes of Hispanic ($65,540) and Black ($56,490) households were not statistically different from 2022 and remained the lowest among all race and ethnic groups. Median income of Asian households did not change either but it remained the highest ($112,800) among all race and Hispanic origin groups.
Makeup products
For many makeup items, Black and Mixed Race women used these products the least often. Table 2 Age- and education-adjusted mean use per week of personal care products by race/ethnicity, with the highest mean per category in bold (CAPABLE Study, 2019–2020).
Black haircare is an estimated $2.51-billion-dollar industry. Black women spend 9 times more on ethnic hair products than non-Black consumers.
United States. When it comes to the beauty scene, the United States isn't just playing in the big leagues—it's defining them. The U.S. cosmetics market size was estimated at USD 62.97 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2030.
The white demographic decline is largely attributable to its older age structure when compared to other race and ethnic groups. This leads to fewer births and more deaths relative to its population size.
In 2023, 17.9 percent of Black people living in the United States were living below the poverty line, compared to 7.7 percent of white people. That year, the total poverty rate in the U.S. across all races and ethnicities was 11.1 percent.
Among adult men (20 years and older) in the largest race and ethnicity groups, Blacks were the most likely to be jobless (with an unemployment rate of 5.8 percent), while Whites (3.0 percent) and Asians (2.7 percent) were the least likely. The jobless rate for Hispanic men was 3.8 percent.