This week I wanted to cover some important information about sales growth. If you are not using Inclusive Sales techniques in your company, you could be leaving billions of dollars at the table.
Here are just a few stats to highlight this point:
- Black buying power was $1.4 trillion in 2019, according to the Selig Center for Economic Growth. That’s higher than the gross domestic product of Mexico. It’s projected to grow to $1.8 trillion by 2024. Source: Nielsen.
- That growth is outpacing White buying power. Between 2000 and 2018, Black buying power rose 114%, compared to an 89% increase in White buying power. Source: Nielsen.
- 78% of new women-owned businesses are owned by women of color. Source: Forbes
- 40% of businesses in the United States are women-owned. Source: Forbes
- Women drive 70-80% of all consumer purchasing decisions. Source: Forbes
- Asian-Americans buying power is currently $770 billion and is expected to increase to $1 trillion by 2018 Source: the Selig Center for Economic Growth
- From 2000 through 2014 Asian-American buying power increased 180%—nearly triple the increase in buying power for non-Hispanic whites, which was 69% over the same time period. Source: the Selig Center for Economic Growth
- Baby Boomers (ages 55-75 years old) spend a total of $548.1 billion annually Source: Accenture
- Gen X (ages 36-54 years old) follow Boomers with $357 billion annual spend Source: Accenture
- Millennials (25-35) are next with $322.5 billion in annual spend Source: Accenture
- The Silent generation (ages 76 years and older) spend $162.9 billion annually Source: Accenture
Pretty surprising, no? This is why I wanted to invite you to my newest course on LinkedIn Learning: “Inclusive Selling: How to Open New Markets, Expand Your Client Reach & Leave Your Competition In The Dust.”
Ready for an innovative program that will shift how you think about sales?
Inclusive Selling: Selling Across Culture, Race & Gender Differences
More than 500,000 people worldwide have taken my course on the prestigious LinkedIn Learning Channel. Where we cover cutting-edge topics like:
- Soft Skills For Sales Professionals
- Building Your Sales System
- Selling Into Industries: Professional Services, Manufacturing and Financial Services
Ready to learn more?