The trend: A number of retailers, including Amazon, Nordstrom, and Target, have used Black History Month to highlight their efforts to increase the number of products produced by Black-owned brands and products on their shelves.
More on this: While a significant share of consumers want to buy products produced by Black-owned companies, they often struggle to find those items.
- 45% of people believe retailers should actively support Black-owned businesses and brands, per a recent McKinsey report.
- 51% of US adults are more likely to support companies that make public commitments to diversity and equity initiatives.
Black-owned brands and products are underrepresented on store shelves, which can make them challenging to find. They accounted for $83 billion in sales in 2020, roughly 1.5% of $5.4 trillion in retail spending.