There are strong business reasons for targeting and caring for people from different ethnic backgrounds. The disposable income of London's black and ethnic minority residents is over £16 billion per year billion. Employing a diverse work force gives businesses the opportunity to move into new markets and source a wider range of customers, using internal expertise. It can improve productivity and create a happier, more inclusive working environment. This will in turn help you to gain a strong competitive advantage by providing better services to existing and new customers. Increasing penetration in overseas markets is essential in today’s economy and a diverse work force can help to achieve this. Black and Minority Ethnic Communities (BMEs) as an important economic market According to Bank of England figures, in 1997 BMEs had an annual income after tax of nearly £15 billion, contributing £36 million to UK GDP. (Bank of England figures).This is a huge disposable income, waiting to be spent! The following statistics and information offer a more in-depth insight into ethnic minority groups as an important economic market. Age BMEs in the UK represent a younger, growing marketplace - one third are under 16, and nearly half of the ethnic population is under 24. This contrasts with the White population which is aging. |
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