A $300 billion opportunity: Serving the emerging Black American consumer

For decades and decades, Black consumers have been regularly overlooked by companies that don’t see them as a priority demographic. Black consumers continue to be underserved in areas such as food, housing, healthcare, broadband, and banking. Essential needs are going unmet because of decisions made by companies. Yet these companies may well be missing the chance to cultivate a significant emerging market. With a little ingenuity and deeper analysis, companies may find that serving the Black American consumer will allow them to tap into significant value while contributing to a meaningful economic revival.

Black households do have lower income and wealth. Despite being 13.4 percent of the US population, Black households accounted for just under 10 percent of the nation’s total spending on goods and services in 2019. Because Black workers bring home smaller paychecks, they have less money to work with every month, especially after accounting for debt.

Nonetheless, companies that interpret this data as proof that there’s little profit in serving Black consumers are making a big mistake.

To read more CLICK HERE.