Study illustrates why businesses shouldn’t ignore disability consumer market
New research casts new light on the “staggering” revenue opportunity of one of the largest and fastest-growing consumer market segments in the U.S. today.
The comprehensive study, "The Next Growth Market: Inside the $675 Billion Consumer Opportunity," from Disability:IN measures the purchasing power of working-age adults with disabilities. It makes the case for industry and businesses to expand their customer base and innovate in the design and accessibility of their products.
The study focuses on working age people with disabilities (16-64 years) and uses the American Community Survey (ACS) definition of disability which includes vision, hearing, mobility, self-care, cognition and independent living. It noted that, at $675 billion, the consumer disability market is equivalent to the size of the global beauty and cosmetics industry. At the same time, discretionary income for people with disabilities has soared to $107 billion each year.
"Our report validates that the once best kept secret in business is no longer," said Jill Houghton, president and CEO of Disability:IN. "The opportunity presented by the $675 billion disability consumer market is enormous, especially for businesses that develop accessible products, emerge as the brand of choice by capturing everyday consumer dollars and include people with disabilities in their go-to-market strategies."
Additional findings from the study are below.
•Collectively, the discretionary income of Americans with disabilities totals $107 billion annually, a compelling growth driver for businesses seeking long-term profitability. Discretionary income is concentrated among approximately 10% of working-age people with disabilities, who have on average $40,000 of discretionary spending power annually. With an average income before taxes of $135,805, discretionary income within the disability community has surged to a historic high.
•Substantial gaps exist between people with and without disabilities in the U.S., yet businesses large and small are well-positioned to narrow them. Average disposable income for people with disabilities is approximately $40,000 per year, compared to $68,000 per year for people without disabilities. As people with disabilities continue to make gains in the labor market, their purchasing power will follow.
The full "The Next Growth Market: Inside The $675 Billion Consumer Opportunity" report can be found here.