The data: Inflation is a bigger concern for Black consumers, with 51% citing rising prices as a primary concern, compared with 41% of all consumers, per a March Numerator survey.

• Though the survey came early in the current energy shock, concern among Black consumers was already rising, up 11 percentage points from July 2025, even as it declined among the broader population.
• That strain is showing up in Black consumers’ purchasing behavior, with household penetration falling across categories like appliances, bedding, and smart home electronics.

Why is this happening? The global energy crisis—which has helped drive up the personal consumption expenditures price index to the highest rate since May 2023—adds more challenges for Black consumers, who generally have lower levels of wealth than the population as a whole.

Financial confidence among Black consumers is slipping. Just 60% said they were doing OK financially or living comfortably in 2025, down from 65% the prior year—and well below the 73% of the broader population, per recently released Federal Reserve data.

That gap reflects deeper structural factors. Median Black household income stood at $55,157 between 2020 and 2024, compared with $80,734 nationally, per the US Census. Black households also have lower rates of homeownership, retirement savings, and stock ownership, limiting their ability to weather price shocks. Labor market disparities add to the pressure, with Black unemployment at 7.3%, about 3 percentage points higher than the overall rate.

Implications for retailers: The challenges facing all consumers are being felt more acutely by Black consumers—and those pressures could intensify if prices continue to rise. Gas prices have climbed sharply since Numerator conducted its survey in March, and food prices—already rising at their fastest pace in nearly four years in April—are expected to increase further due to factors like weather, tariffs, and constrained supply.

That challenging environment will continue to shape Black consumers’ purchasing behavior, particularly in discretionary categories. To limit sales erosion, retailers need to sharpen their value positioning. That can include targeted price cuts, but also a greater emphasis on promotions and loyalty programs to appeal to consumers who are becoming more selective about where and how they spend.