The Black Pound Report 2022 is a study into the spending habits and behaviour of the UK’s multi-ethnic consumers, which covers black, Asian and multi-ethnic people, who collectively have a monthly disposable income of £374.3 million or £4.5 billion per year.
The study, which was put together by culture change agency Backlight, found that multi-ethnic consumers are 38% more likely to travel abroad than other UK residents, with the vast majority (91%) taking holidays to visit family living overseas.
One of the most important factors when choosing a holiday is the “attitude towards them” in the destination. Multi-ethnic consumers also place a “higher value on how safe the destination is and whether they will stand out”.
Lydia Amoah, the founder and chief executive of Backlight, said: “Safety is a huge driver of consideration for multi-ethnic holidaymakers – with six in 10 saying it is a factor.
“That’s not just geo-political safety, but individual security. Multi-ethnic travellers are more than twice as likely to want to know that they will be accepted by the local community when they travel.”
When choosing a travel company, the main deciding factor is “ease and trust”, while multi-ethnic travellers place greater value on the “well known” status of a brand and good reviews.
Acceptance of their preferred payment method, including being able to pay in cash, and receiving recommendations from people in their social circles can also be important for many holidaymakers.
The study further found that multi-ethnic travellers are twice as likely to look for a premium or luxury travel supplier than white consumers – again illustrating the lucrative nature of this market.
Connecting with their heritage is another crucial element for multi-ethnic holidaymakers, with 28% wanting to do this on their trips abroad.
This includes both visiting family members and a wider need to “reconnect with their heritage” to better understand the lives of their parents and grandparents.
Learning about history is important, including a desire to visit historic sites and museums, as well as educating themselves about the destination’s culture by talking to local people.
Choice of destination is also influenced by this reconnection to heritage with the top travel regions being North America and Asia. Multi-ethnic travellers are generally more likely to travel to different continents than the UK’s white population.
“I would like the Black Pound Report to change how brands treat their consumers and treat everyone with respect and serve them equally,” added Amoah.
“For the first time, this report shows the untapped economic power of the multi-ethnic consumer and allows businesses to understand an audience that has rarely been researched in depth.
“Multi-ethnic consumers have distinct motivators. Businesses must understand and reflect these to sell their products and services and be truly inclusive.”
