The WARC Podcast Research: the consumer power of diverse audiences
Aug 8, 2024
Lydia Amoah, a consumer insights contributor, Cass Naylor from Outvertising advocating for diversity, and Ndu Uchea from Word On The Curb discussing cultural media issues dive deep into the impact of diverse audiences on consumer behavior. They highlight the significant spending power of minority groups and the commercial risks brands face by ignoring these markets. The conversation also tackles the need for authenticity in LGBTQIA+ branding and the dangers of 'rainbow washing,' urging brands to genuinely engage with diverse communities for real change.
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Multi‑Ethnic Market Is A Major Untapped Opportunity
- Lydia Amoah shows brands are ignoring a lucrative UK multi-ethnic market with £4.5bn disposable monthly income.
- The Black Pound Report gives brands the data to identify blind spots and capture missed revenue.
Excluded From Makeup Sparked A Career
- Lydia recounts being told a store only stocked colours for 'normal skin tones' which excluded her from buying makeup.
- That personal experience motivated her two-decade focus on Black beauty market research.
Financial Services Charge A Diversity Penalty
- Lydia highlights financial discrimination: Black consumers face higher underwriting costs because they're perceived as higher risk.
- That gap reduces economic inclusion even as spending in categories like beauty and savings is substantial.