- June 22, 2021
- Posted by: Stratford Team
- Category: Business
- McKinsey estimates $700 billion value can be created by companies that cater to Black customers.
- That wealth could also help solve the racial income and wealth gaps that exist in the US economy.
- Black households spent approximately $835 billion in 2019, making up only 10% of the nation’s total.
- See more stories on Insider’s business page.
As the era of Black Lives Matter sees more companies roll out initiatives to combat the massive income wealth and gaps between white and Black families in America, there’s still plenty of room for improvement.
A report from McKinsey released this month highlights the reality of this vast economic inequality while quantifying opportunities for retailers who can address the problems.
Black people are more likely to be dissatisfied with their current offerings from…