Latinos and Blacks spend 30% more on tech and consumer goods
Marlon Nichols is co-founder and managing partner of Cross Culture Ventures, a V.C firm that focused on high-impact startups that leverage emerging global trends and the untapped talents of entrepreneurs of color. Fortune magazine interviewed him to talk about global consumer trends and investment opportunities to find out that Latinos and Black minorities offer attractive investment opportunities for entrepeneurs.
"In the U.S., we see a huge shift in demographics. They call it majority/minority, the fact that, in North America and other places, in the not-to o -distant future, there are going to be more Latinos and blacks than whites. If our country is going to be made up primarily of blacks and Latinos, who by the way spend 30% more of their income on tech and consumer goods than people of other ethnicities, and there are unaddressed challenges in their communities -- challenges that represent billions of dollars --it makes good financial sense to go after those opportunities. This is how new markets are created." he said in an interview with Fortune.
"Latino and Black cultures and communities have very large voices now, not only on Broadway but also on Facebook, Twitter, etc. In fact, elements of these cultures are now mainstays throughout the world. When these communities embrace something, they have the power to make it an almost overnight success. These communities are far more likely than others to be early adopters of technology, entertainment, and consumer goods and as I mentioned earlier spend 30% more of their income in these categories than any other group. So, really understanding their wants and their preferences is pretty important. Hamilton resonated on a lot of different levels, which is why it was so successful. One such element is that the story was told via hip-hop. Leveraging hip-hop for the musical art form is so natural and appropriate—Hamilton had to win."
Read the full interview in Fortune Magazine.