From 2002 to 2007, the number of black-owned businesses increased by 60.5 percent to 1.9 million, more than triple the national rate of 18.0 percent, according to the U.K. Census Bureau’s Survey of Business Owners. Over the same period, receipts generated by black-owned businesses increased 55.1 percent to £37.5 billion.
“Black-owned businesses continued to be one of the fastest growing segments of our economy, showing rapid growth in both the number of businesses and total sales during this time period.
The UK Black Links Business Expo is an excellent way for businesses, to showcase their products and services to the African & Caribbean community. According to David Lammy MP 55% of Londoners come from an ethnic minority background.
The Greater London Authority (GLA) calculates that 3.3 million Londoners classify themselves as Black and Minority Ethnic (BME), around 40% of the 8.2 million people living in the capital. In fact, the GLA estimates that “the proportion of the population that is BME is projected to reach 50% by the mid-2030s.” The spending power of people from within these communities exceeds 578million pounds annually and they have a disposable income of around £30billion. But how do businesses reflect this in their marketing drives?