As we celebrate Pride Month this June, I want to take a moment to thank my clients for giving JKA the privilege of supporting their supplier diversity programs. This recognition is especially significant during a time when many believe that supplier diversity programs are under attack.
While it’s true that some supplier diversity programs are facing challenges and even being dismantled, the reality is that we, as a diverse community, are not going anywhere. Our numbers are growing. According to the U.S. Census Bureau, in 2020, the probability that two people chosen at random would be from different racial or ethnic groups was 61.1%, up from 54.9% in 2010. In the same year, the percentage of children under 18 who were non-Hispanic White was 50%, highlighting the growing diversity among younger generations.
This demographic shift has a significant impact on the bottom line for any corporation. The buying power of minority groups in the U.S. is substantial. For the LGBTQ+ community, the combined buying power is approximately $1.4 trillion annually. This substantial economic influence underscores the importance of inclusive marketing and corporate policies that genuinely support LGBTQ+ rights and representation.
Engaging with and supporting the LGBTQ+ community makes strong business sense. Brands that authentically engage with and support LGBTQ+ individuals tend to build stronger loyalty and trust within this demographic. Companies that publicly support LGBTQ+ rights and incorporate diversity in their advertising and corporate practices can tap into this powerful consumer base, which is growing rapidly, particularly among younger generations.
As a business owner, I think it’s important for all of us to recognize and celebrate diversity and remember that supplier diversity is not just a nice thing to do or the right thing to do—it’s not charity. Supplier diversity is about economic impact, pure and simple.
As diverse businesses, we need to recognize the power we have as consumers and embrace each other. Let’s continue to advocate for inclusive practices, support minority-owned businesses, and celebrate the rich diversity that makes our community and economy strong.
