Consumer Survey - July Results
This month we have focussed on our Consumer survey with a view to identifying which groups - by gender and age - are most likely to spend 10% + of their monthly outlays with Black-owned businesses. We also looked at which of our businesses were most likely to benefit from such expenditures.
At face value, the results are not totally surprising (but some of the magnitudes are). To summarise:
(i) Females are more likely to spend 10%+ than males (the 2x rate was higher than we expected).
(ii) The 10% share rises with age (again the differences are stark - for example while 25% of those aged 45+ report spending 10%+, the figure falls to 8% for those who are 18-24).
(iii) Most of this spending is with food and beauty/health-related Black-owned businesses (this may help to explain the gender difference in (i) above but we'll need more data to formally test this hypothesis).
As an aside, there is also some evidence that households that are most optimistic about their economic prospects over the next three months are more likely to spend 10%+ with our vendors. If true, this would chime with the view that any fallback in economic prospects over the next few months (following say a deeper-than-expected recession or a significant Covid-19 wave) could hit our businesses disproportionately hard. Food for thought.