It is reported that South Africa's black middle class has grown by 30% in period of just over 12 months. Statistically this translates to the increase of about 600 thousand new entrants. A year ago the figure was sitting at 2 million and is now at 2.6 million. This was revealed in a study conducted by the UCT’s Unilever Institute of Strategic Marketing and TNS Research Survey.This is the group that is referred to as Black Diamonds!!! What an interesting term.
It is estimated that black diamonds...spending power is growing at a very high rate as and is presently sitting at R180 billion. This figure has moved very quickly from R131 billion in 2007. Marketing firms are working very hard to try and understand black diamonds buying trend. They are setting up many campaigns that are focusing on collecting this data in as it will influence their product decisions.
Where do these diamonds live?
About 77% of these diamonds is found in townships and just about 23% is in suburbs. Study shows that the main reason why 23% is located in suburbs is to live close to properly resourced schools for their children. There is also perception that living in suburbs symbolises success to some of them and that also motivated the move.
Are you a black diamond? If yes what defines you?
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