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The ethnic minority population is growing fast and getting richer. Yet few organisations take full advantage of this growing market. The business case for targeting this sector is powerful:

The ethnic population is growing rapidly. It is estimated that ethnic minorities will make up 20% of the UK population by 2051. In many urban areas across Britain, ethnic minorities will make up the majority population.

Ethnic minority groups have a younger age profile than the general population, which is ageing. They are better educated, with 21% being graduates compared to 16% of the general population. This means a more skilled workforce gaining better jobs and higher incomes.

It is estimated that ethnic minorities spend £40 billion annually, with some £24 billion being spent in London alone. Ethnic minority households in London account for 15% of disposal income.

According to recent Institute of Practitioners of Advertising data, young Asian and Black men are some of the highest spenders in the UK, with an annual estimated spend of £32bn.

One in ten UK businesses are ethnic minority owned. It is estimated that there are 15,000 ethnic minority businesses in Greater London alone. South Asians run a quarter of all the UK’s small businesses and have been dubbed the “new middle class”.

Yet, most brands ignore ethnic minority consumers, although there is a considerable body of research showing that ethnic minority consumers are especially brand aware and brand loyal: they are twice as likely to buy exclusive brands and to go out of their way to purchase the brand they like.

Meeting the needs of ethnic minority communities in the UK can provide companies with access to global markets.

As the old adage goes: "You won't find oil by drilling into the same place over and over again." Let us help you find out where to explore next.

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