As we approach one year since the death of George Floyd, consumers will be watching and waiting to see what progress brands have made on their racial equity commitments. Promises have been made to build more diverse leadership teams and boards of directors; hiring chief diversity officers; rolling out inclusion and diversity programming; donating to nonprofits addressing racial injustice, mass incarceration and human rights; doubling down on matching employee contributions; ensuring Juneteenth (June 19, also known as Freedom Day) becomes a company holiday; committing to spending more with Black-owned businesses; and investing in partnerships with Historically Black Colleges and Universities (HBCUs).
One of the most important commitments brands can make is ensuring their products and services are authentically serving the Black community. According to a Nielsen report, Black buying power was $1.3 trillion in 2018. Brands must understand that diversity is not a trend or a fleeting moment; they can no longer afford to ignore the growing economic clout of Black consumers.
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