According to The Nielson Company research, Black consumers are speaking directly to brands in unprecedented ways and achieving headline-making results. Through social media, Black consumers have brokered a seat at the table and are demanding that brands and marketers speak to them in ways that resonate culturally and experimentally—if these brands want their business. And with African Americans spending $1.2 trillion annually, brands have a lot to lose.
There were more than 1 million black-owned businesses in the U.S. at the beginning of February, according to research from the University of California at Santa Cruz, which drew from Census survey estimates. By mid-April, 440,000 black business owners had shuttered their company for good — a 41% plunge. By comparison, 17% of white-owned businesses closed during the same period, the UC Santa Cruz research shows. According to CBS News in June 2020.
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