Did you know that in 2019, 46.8 million people in the United States identified their race as Black, alone, or as part of a multiracial or ethnic background? While this is only about 14% of the United States population, their influence will continue to grow as their buying power does — which is projected to reach $1.8T by 2024. This sharp increase in buying power can be attributed to the forecasts for the Black population growth. Between 2020 and 2060, the Black population is expected to increase by 22%. What does this mean for marketers? There is projected to be a substantial shift towards multicultural marketing over the next few years instead of a more traditional, generic approach.
