The consumer\u2019s behavior has changed a lot, right? When it comes to black consumers, this fact is even stronger. <\/p>\n
A McKinsey survey<\/a> found out that Black consumers are willing to pay up to 20% more for the right products and services that meet their necessities.<\/p>\n For brands, it\u2019s an incredible opportunity to increase their efforts to attend to this group. The question is: how can they be prepared to better communicate with black consumers, in order to hit greater results, while also promoting racial equity?<\/p>\n February is the Black History Month<\/a> in the USA, so there’s no better time to think about black consumers and how we can promote racial equality in our lifes.<\/p>\n The fight for racial equality has been achieving great changes for blacks on many issues, including their buying power. As a consequence, brands are hands-on to meet this economic force, as they have never been before.<\/p>\n Black buying power is growing fast\u2014from $910 billion in 2019 to a projected $1.7 trillion in 2030. Yet for a long time, companies have failed to see black consumers as their priority ethnic targets.<\/p>\n But fortunately this scenario is slowly changing. <\/p>\n Let\u2019s take a recent example: this month Target introduced 40 new beauty brands to its lineup, and half of that is from Black-owned or founded companies<\/a>. The announcement is part of the retailer’s initiative to spend more than $2 billion with Black-owned businesses by 2025.<\/p>\n Some huge companies are taking the initiative to best satisfy this group, alongside giving room to small and large black-owned businesses to grow.<\/p>\nBlack buying power is growing fast<\/h2>\n