Stat: US Black-owned businesses need greater support

Research by McKinsey & Co reveals that US Black-owned businesses are disproportionately affected in their first few years of trading. Just 4% of US Black-owned businesses are still in operation after three and a half years, compared with an average of 55.5% for all businesses.

Despite these figures, nearly half (45%) of consumers in the US agree that companies should pledge to support Black-owned brands, suppliers and vendors. Meanwhile, 68% of consumers say their social values shape their shopping choices. In the beauty industry, 92% of Black consumers say that supporting Black-owned brands is important when making their buying decisions.

In the age of the inclusive consumer, harnessing the power of retail can increase demand for Black-owned brands. As we explore in Black Lives Matter: The Business Response, brands and their employees have a responsibility to support Black enterprises.