The State Of Black Consumers An Opportunity For Growth And Equity

The State Of Black Consumers An Opportunity For Growth And Equity A $300 billion opportunity: serving the emerging black american consumer. august 6, 2021 . there’s a big market to be unearthed if companies meet the real needs of black consumers. black consumers’ collective economic power is set to expand dramatically, from about $910 billion in consumption in 2019 to $1.7 trillion (in nominal dollars. 4. despite the unevenly distributed human and economic devastation of the covid 19 pandemic, black consumers’ collective economic power is set to expand dramatically, from about $910 billion1. in consumption in 2019 to $1.7 trillion (in nominal dollars)—equal to the projected gdp of mexico— in 2030.

The State Of Black Consumers An Opportunity For Growth And Equity More consumption dollars up for grabs. black consumers’ economic might is projected to mushroom from about $910 billion in consumer spending in 2019 (exhibit 1, part 1) to $1.7 trillion (in nominal dollars) in 2030. geographically, this spend is spread out across the country, with the top 30 markets representing $250 billion or over 25. Economic equity is a crucial part of establishing holistic racial equity for black people. it's not just important that black people be able to contribute to the economy as workers and consumers, but also as small business owners with the same access to resources and chance at success as anyone. get started by taking control of your credit journey. At 47.8 million strong, african americans are the second largest consumer group, presenting businesses with a $300 billion opportunity stake in this community. despite being 13.4% of the u.s. I recently had the opportunity to speak with samantha about her work as the bea foundation’s president. i appreciated her taking the time and below is a readout of our conversation. rhett buttle: covid 19 showed on a national scale the inequities black owned businesses face in starting, operating, and building businesses. but these barriers.

The State Of Black Consumers An Opportunity For Growth And Equity At 47.8 million strong, african americans are the second largest consumer group, presenting businesses with a $300 billion opportunity stake in this community. despite being 13.4% of the u.s. I recently had the opportunity to speak with samantha about her work as the bea foundation’s president. i appreciated her taking the time and below is a readout of our conversation. rhett buttle: covid 19 showed on a national scale the inequities black owned businesses face in starting, operating, and building businesses. but these barriers. Black owned firms’ gross revenue soared by 43% during this timespan, from an estimated $127.9 billion in 2017 to $183.3 billion in 2021. despite this growth, majority black owned businesses made up only about 3% of all u.s. firms that were classifiable by the race and ethnicity of their owners in 2021. and they accounted for just 1% of gross. Their influence will continue to grow as their buying power does – which is projected to reach $1.8t by 2024. largely driving the expected increase in buying power, the black population is on track to grow by 22% between 2020 2060, compared to a 27% decrease in the non hispanic white population during that same time.