Black Pound Report taps value of multi-ethnic consumer market

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New research called the Black Pound Report has revealed that Black, Asian and Multi-Ethnic consumers are highly receptive to advertising, consume more national news brands than the general population and invest in ethical products.

The new 2021 report was compiled by cultural change agency, Backlight, and sponsored by News UK.

Black Pound Report

The research identifies that Black, Asian and Multi-Ethnic consumers spend 21% more time reading national newspapers online and in print than the general population and are more likely to base their consumer decisions on advertising.

It said 59% of respondents agreed that ‘advertising often helps me to make better purchase decisions’, compared to just 40% of the general population.

New insight and planning tools

The Black Pound Report – due to be launched in January 2022 with an exclusive preview in The Times and The Sunday Times – surveyed 3,400 Black, Asian and Multi-Ethnic consumers in the UK, making it by far the largest consumer preference survey of its type ever undertaken. 

£300bn market

With ethnicity rarely being included as a factor in research, the report’s findings give a unique insight into the £300 billion Black, Asian and Multi-Ethnic consumer market.

Ahead of the report’s launch, Backlight has developed a media planning tool for marketeers based on its core findings, with early access being available to brands and agencies via News UK from November 2021. 

This tool will give advertisers a new ability to plan advertising based on real insight into this audience, which has historically been underrepresented in market research.

Ethical consumption and diversity

Black, Asian and Multi-Ethnic audiences’ consumer decisions are driven more by ethical considerations than the general population, with 64% of respondents (vs 47% of the general population) trying to buy more fair trade products and 64% (vs 56% of the general population) trying to buy local whenever they can.

Diversity is also a key driver for purchase decisions amongst this audience, with 60% of Black, Asian and Multi-Ethnic consumers (vs 31% of the general population) looking at how representative a brand is of different ethnic communities when deciding on a purchase. 

Additionally, 70% of respondents (vs 49% of the general population) trusted brands more if they consider different types of people in the creation of their products and services.

Lydia Amoah, Founder of Backlight, said: “This report is about more than just identifying a few ephemeral behavioural trends amongst Black, Asian and Multi-Ethnic communities in the UK, it’s about helping brands to really understand a set of audiences that have rarely been researched in depth. 

“From media consumption through to health and beauty product choices, Black, Asian and Multi-Ethnic consumers have distinct motivating factors when making purchasing and investment decisions. 

“Until brands recognise and understand these differences then their communications can never be considered to be truly diverse and inclusive.

“News UK’s support on this second wave of the Black Pound Report has been instrumental in creating what will be a truly important piece of research.

“We’ve been able to massively expand our panel and areas of focus to create research that is rigorous and powerful. 

“Combined with the media planning tool that we’ve developed we believe that this will usher in a revolution in advertising creative and planning for Black, Asian and Multi-Ethnic consumers.”

Shelley Bishton, Head of Creative Diversity at News UK, said: “This is a unique and powerful piece of research that looks at this market in unprecedented depth. 

“It was important for News UK that we better understand this market both for our own products and also to help our advertisers create campaigns that cater for it.

“The media planning tool will help brands and agencies to better build and target creative and planning strategies for the Black, Asian and Multi-Ethnic consumer – which make up 4.3 million of News UK’s audiences.

“Just because media research hasn’t historically looked at these important differences in consumer behaviour, it doesn’t mean that they don’t exist. 

“This insight will help brands to better understand a large and important audience, leading to more effective and more representative advertising communications.”