Report: Digital and Tech Access Fuel Black Entrepreneurship
“We are on the threshold of a new business paradigm,” shared Cheryl Grace, Senior Vice President, U.S. Strategic Community Alliances and Consumer Engagement at Nielsen. “The digital age is transforming not only commerce and the relationship consumers have with companies, but digital know-how among consumers – particularly African Americans – is fostering new levels of independence and financial freedom.”
Meanwhile for African Americans, the report says digital innovation is creating new opportunities.
Nielsen’s latest report, “From Consumers to Creators: The Digital Lives of Black Consumers,” shares the believe that a new era in taking shape with the African American community. In fact data shows, more than half (54%) of all African Americans have lived their entire life in the digital age.
“Undisputedly the vanguards and early adopters of popular American cultural trends, African Americans have fully embraced today’s digitally connected marketplace,” said Andrew McCaskill, SVP Global Communications and Multicultural Marketing at Nielsen. “Black consumers are engaged and plugged in to a digital, multi-platform universe in ways that are redefining the African American experience with an unprecedented sense of community, economic consciousness and digital-native know-how.”
Meanwhile, with $1.3 trillion in buying power, it is noted that Black consumers are effective in supporting brands that align with their preferences and ignoring those that do not.
“At the nexus of digital interconnection, entrepreneurship and an unyielding desire to control and share their own images and ideas, African Americans are using the media-verse as a springboard for content creators to become decision makers. Black consumers are taking a ‘for us by us’ approach to building new platforms and business models, thereby creating entirely new Black financial ecosystems,” McCaskill added.