Demographics of customers have changed as well. New, and different, customers follow unique purchasing patterns, are drawn to products and have alternative drivers for purchasing decisions than customers from just a decade ago. Business development mechanisms must be updated to keep up with this societal change.
Business Case for Diversity
"Women control or substantially influence 75% of the world's annual consumer spending - about $12 trillion". Source: Silverstein and Sayre, Boston Consulting Group, "Women Want More: How to Capture More than Your Share of the Female Economy", 2009.
"The 'female economy' - $5 trillion or more of incremental spending by women over the next several years - is larger than the commercial potential represented by the growth of the consumer economies of India and China". Source: Silverstein and Sayre, Boston Consulting Group, "Women Want More: How to Capture More than Your Share of the Female Economy", 2009.
"LGBT spending was approximated to be $712 billion in 2008". Source: Combs, "Gay Buying Power Projected at $712 billion in 2008", June 2008.
"In 2014, buying power of minorities is projected to climb as follows; African Americans to $1.1 trillion, Asian American to $696.5 billion and Hispanic to $1.3 trillion". Source: Humphreys, Selig Center for Economic Growth, "The Multicultural Economy", 2009.
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