A new report released by Packaged Facts called The U.S. Urban Youth Market estimates that urban youth consumers number nearly 24 million people with a spending power of about $500 billion.  The report also estimates that the spending power of urban youth consumers will grow to $644 billion by 2010.

However, the report stresses that "urban" is a mindset, not a geographic place.  Its definition of "Urban Youth" is 15- to 29-year-olds who chose hip-hop music as a favorite music type in the Simmons National Consumer Survey of adults and teens.

Hip-hop began in the early 1970s as an underground movement, largely embraced by African-Americans, but it has since grown to a mainstream consumer phenomenon.  Today, one in three hip-hop consumers lives in small cities and towns outside the top 100 metropolitan areas.

Some highlights from the study:

-The popularity of hip-hop declines with age.  Among 15- to 17-year-olds, about half are hip-hop fans. The percentage drops to a little over a third for those in the 25- to 29-year age range.

-Females are a strong force in the Urban Youth population, making up nearly six in 10 urban consumers.

-Hip-hop consumers are disproportionately black, though a majority are Non-Hispanic white.  Though two out of three African-Americans in the 15- to 29-year age group was classified as a hip-hop consumer, whites make up about 55 percent of the hip-hop population.

-Hip-hoppers are much more likely to say that they live for the moment, are motivated by money, value non-conformity, and that they see themselves as influencers.

-As consumers, they use more personal care products, prefer SUVs and foreign cars, like to snack, try out new drinks, and eat at fast food restaurants.  They are more likely to see themselves as spenders and have a positive attitude about advertising.