Where people come from and grew up eating and doing, matters to them. Most ethnic groups have strong buying preferences tied to their heritage.
Numerator’s Feb’22 report shares data on Black Consumers, here are a few:
HERITAGE: 1/2 Black consumers say their family heritage has a strong impact on the foods they buy, compared to 1/3 of US consumers overall.
BRANDS MATTER: “36% more likely to prefer popular brand names than the average shopper, and 5% less likely to consider private label or store brands”. This is especially for Health & Beauty and Baby categories.
BUDGETS: 38% consider themselves “budget-driven” shoppers (this applies to all income levels), compared to 30% of all consumers.
BRANDS’ VALUES: 1/3 Black consumers say they have a high awareness of the corporate values behind the products they buy, compared to 1/4 US consumers overall. They’re also 35% more likely to take the values a brand stands for into consideration when deciding what to purchase.
McKinsey’s 2020 Consumer Sentiment Survey found:
BRAND SWITCHING: “Black consumers are more open than other demographic groups to switching what and how they buy.
On average, Black consumers are over 25% more likely to switch brands, which indicates that their preferences are not being met.
Yet Black consumers are also less likely to be satisfied with a new product when they do switch, a pattern that holds across more and less expensive brands.”
There is a $300 billion revenue opportunity by serving the Black consumer
There are opportunities for brands to better win with Black consumers by ensuring clarity on their brand values, strong, relevant product propositions along with targeted, localized product offerings.
Smartbrief: Understanding the influence of heritage on Black consumers (Mar'21)
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