Consumer behavior has changed a lot, right? When it comes to African-American consumers and Afro-descendants in general, this fact is the Telephone Number List even stronger. A McKinsey survey found that this segment is willing to pay up to 20% more for the right products and services that meet their needs. For brands, this is an incredible opportunity to increase their efforts to serve this group. The question is: how can you be prepared to communicate more Telephone Number List effectively with these consumers, in order to achieve better results while promoting racial equity? The purchasing power of this group is growing rapidly The fight for racial Telephone Number List equality has made big changes on many issues, including purchasing power.
As a consequence, brands are getting down to business to take on this new economic force like never before. Fortunately, the Telephone Number List purchasing power of people of African descent is growing rapidly: from $910 billion in 2019 to a projected $1.7 trillion in 2030. However, for a long time, companies have not seen these consumers as their priority Telephone Number List 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 their Telephone Number List are from companies founded or owned by people of African descent.
The announcement is part of the retailer's initiative to spend more than $2 billion on ethnic-owned businesses by 2025. Some large Telephone Number List 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 Telephone Number List Americans have been underbanked since the industrial revolution. Many of them face daily 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 also the brands.