The fight for racial equality has made big changes on many issues, including purchasing power. As a consequence, brands are getting Telephone Number List down to business to take on this new economic force like never before. Fortunately, the purchasing power of African descent people is growing rapidly: from $ 910 billion in 2019 to a projected $ 1.7 Telephone Number List trillion in 2030. However, for a long time, companies have not seen these consumers as their priority ethnic targets. But - positively - this scenario is slowly changing. Take a recent example: This month, Target introduced 40 new beauty brands to its lineup, and half of Telephone Number List them are Black-owned or founded.
The announcement is part of the retailer's initiative to spend more than $ 2 billion on ethnic-owned businesses by 2025. Some large companies are taking the initiative to better cater to this group, as well as giving room for small and large businesses they own to grow. . The roots of dissatisfaction in the United States, African Americans have been underbanked since the industrial revolution. Many of them face daily Telephone Number List challenges that inevitably affect their chances of success. But even those who have access to products and services can be dissatisfied with a lack of understanding of their Telephone Number List aesthetics. Serving these customers better will not only benefit them, but the brands as well.
Those who refuse to accept this panorama will be the ones who lose the most. Capturing the attention of this growing economic bloc can Telephone Number List lead to long-term relationships: 68% of McKinsey respondents reported being loyal to the brands that best meet their needs. Adding value, respecting diversity and designing products for the preferences Telephone Number List of this ethnic-cultural group is a win-win situation. In other words, we could foresee both social and economic benefits. It is very important that people of African descent are able to contribute to the economy as workers and consumers, gaining access to resources and the Telephone Number List opportunity to succeed.