Nielson released three reports showing how Black Millennials and Black Women are embracing tech trends that are changing the economic landscape of the country. According to Neilson, Black Millennials are 11.5 million strong and have $162 billion dollars in buying power. Black Millennials make up 14% of the total Millennial population and 25% of the total Black population. Black Millennials are embracing technology trends ahead of other Millennials groups and as a result, they are opening up opportunities for minority-owned businesses to tap that spending power and scale their businesses.
The September 2017 Nielson report also highlighted the growing strength to Black Women. The number of Black-owned female businesses grew 67% between 2007 and 2012 (approximately 1.5 million businesses) and accounted for $42 billion in sales.
In this episode, I analyze these trends and propose several ways Black business and political leaders can leverage these trends to generate unprecedented growth in the minority community.