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) in 2030. Even so, they are more likely than their non-Black counterparts to live in consumer deserts and be underserved across all areas of consumption. This collection of research highlights both the social and commercial benefits of integrating broad racial-equity goals into consumer businesses to better serve Black consumers.
FEATURED INSIGHTS
Report – McKinsey Institute for Black Economic Mobility
Black consumers: Where to invest for equity (a preview)
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Effectively pursuing broad racial-equity goals can help consumer-facing companies better serve Black consumers.
Article – McKinsey Institute for Black Economic Mobility
Nourishing equity: Meeting Black consumers’ needs in food
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Retailers and restaurants have an opportunity to give Black consumers equitable access to the foods they want.
Article – McKinsey Institute for Black Economic Mobility
Rules of the road: Equitably serving Black automotive consumers
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Black consumers’ automotive spending is projected to grow, and companies have opportunities to create more equitable experiences.
Article – McKinsey Institute for Black Economic Mobility
Investing in—and with—Black consumers in financial services
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Financial-services companies—specifically in banking and insurance—have an opportunity to address equity and gain commercial benefits by better serving Black consumers.
Article – McKinsey Institute for Black Economic Mobility
Unlocking the full potential in fashion for Black consumers
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Fashion brands can forge stronger connections with this segment by pursuing four strategies.
Video
Marketing to the multifaceted Black consumer
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To attract Black consumers, brands must demonstrate quality, social mission, and good value.
Article
What Black and Latino consumers want healthcare stakeholders to know
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Understanding consumer behavior and attitude drivers may help stakeholders improve health outcomes and experiences for Black and Latino patients.
Article
The rise of the inclusive consumer
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Social values are shaping purchase decisions more than ever—and retailers that act now stand to attract consumers’ loyalty and spending.
Podcast
Serving the Black consumer is a $300 billion opportunity
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Tailor products specifically to meet Black consumer needs and wants, and not only is there economic value to be gained but also a greater chance to meet social and moral objectives.
Article – McKinsey Quarterly
A $300 billion opportunity: Serving the emerging Black American consumer
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