The US population of 40 million African Americans is anticipated to reach purchasing power close to $1 trillion in 2010, according to a new report.

Packaged Facts, a division of Marketresearch.com, compiled the information for “The African-American in the U.S., 8th Edition”. The report asserts that African Americans are “a key segment in an American economy that increasingly depends upon the needs and preferences of multicultural consumers.”

“With such financial clout, marketing efforts to reach out to African Americans are likely to increase,” said Packaged Facts publisher Don Montuori, according to urbanmecca.com. “Major consumer products marketers have begun to align their strategies with the multicultural majority emerging in the U.S.”

Is this marketing interest a sign of progress?

“African-Americans [are] one of the largest demographic of spenders and probably the smallest group of savers,” said Jessica Bassett, second-year Washington University student. Her School of Social Work recently held a financial seminar for the St. Louis community.

“This number is appalling given the changing economy and the fact that African-Americans make up only 13 percent of the U.S. population,” Basset said. “We must learn how to become financially independent by saving money, making investments, building up our assets and budgeting our expenses.”

Hustletown readers, is increased Black Purchasing Power being squandered in 2010? Leave your feedback below!