Brands step up efforts to reflect diversity in their products and spending

Brands step up efforts to reflect diversity in their products and spending

Value-conscious consumers want to see diversity reflected in products, advertising, and merchandising. The potential financial impact of giving more attention to inclusion is a no-brainer as the US grows more diverse.The rise in the US population from 2010 to 2020 was wholly fueled by people who identified as Hispanic, Asian, Black, or more than one race, the New York Times reported in 2021, citing data from the latest census.Hispanics make up nearly 20% of the US population and will account for 12% of the nation’s buying power by 2025.African-Americans account for 12.4% of the US population and wielded 9% of US buying power in 2020, per the University of Georgia’s Multicultural Economy report.Asian Americans had the fastest population growth among US racial and ethnic groups from 2000 to 2019, per Pew Research Center.

Brands step up efforts to reflect diversity in their products and spending.

https://www.emarketer.com/content/brands-step-up-efforts-reflect-diversity-their-products-spending

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