support for african american Movement
There are 47.8 million African Americans that represent 13% of the population and spend up to $1.6 trillion USD annually. Their middle class use debit cards 55% of the time to pay bills. A post-Floyd protest poll found 90% of members of Generation Z (those born from 1997-2005) believe African Americans are treated differently and support BLM. What's more important is that a group of Caucasians who normally do not follow the news, paid very close attention to the coverage of George Floyd, with 83% of 18- 29-year-old following the news closely. That compares to 60% of respondents under 30 who said they supported the movement in 2016. Generations Y and Z are significantly important younger consumers that represent brand future growth.
In 2020, there were 82 million millennials, 86 million generation Z and 76.4 million baby boomers. The spending power of millennials born from 1981-1996 is estimated at $2.5 trillion USD annually. That number grows significantly when they inherit the $68 trillion USD from their Baby Boomer parents, which will constitute one of the greatest wealth transfers in modern time. Generation Z's spending power is considerably lower, since few of them have entered the workforce, but Morgan Stanley predicts their spending to swell in the coming years. Most millennials and Generation Z say it is important that the companies they buy from share their values. Research also show Gen Z use their debit card approximately 42.25% of the time to pay their bills; Millennials purchase and pay their bills 42.75% with their debit cards.
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