The black consumer is a $300 billion opportunity, according to McKinsey.
"Black consumers are willing to shift approximately $260 billion—about 30% of their current aggregate spending—to companies that can better deliver what they need."
I talk about the importance of having sustainable supply chains. Supply chains are sustainable when they are diverse and inclusive. The business case for diverse consumer needs is clear. The key theme in all of the reports is 'need'.
Companies need culturally competent suppliers to deliver to the needs of their clients and consumers if the expertise does not exist internally.
We are seeing the trend of appealing to the black consumer in a number of a-typical industries such as luxury rise. It's not a coincidence Tiffany & Co has Beyoncé and Jay-Z as their new brand ambassadors. Who owns Tiffany& Co, LVMH Moët Hennessy Louis Vuitton SE. LVMH knows the spending power of the black consumer.
Leaving $300 billion on the table doesn't make business sense.