Consumers are becoming more diverse. The Millennial generation is the most diverse in history—44% nonwhite, compared to 25% nonwhite Baby Boomers.
While African Americans are a minority, their cultural influence is actually much larger. Black consumers are trendsetters and key influencers, especially among young consumers.
According to Nielsen, African Americans represent more than 50% of spending power in key product categories, including music, fashion, and entertainment.