In conjunction with Black History Month, Merchant Cash USA surveyed black millennials throughout the U.S. to see what areas of industry they were most inclined to become involved with, and if they would ever consider alternative financing as a means of funding. Over 9 million black millennials currently are living in major U.S. cities, and many are looking to start their own companies.
Las Vegas, NV – February 10, 2016
The Pew Research Center approximates that there are slightly over 75 million millennials currently living in the U.S. About 40 percent of millennials identify as non-white, with black millennials making up 13 percent. This equals out to more than 9 million black millennials currently living in the United States.
Millennials today face many economic challenges that previous generations have not. In 2001, pre-tax income for millennial households was somewhere around $40,000. Today, that number is closer to $35,000. With lower paying corporate jobs, many black millennials are thinking outside the box and turning towards starting their own businesses in a variety of industries. Yet, in a survey last year by Nielson, it was reported that by the end of 2015, the black community’s spending power would be over $1 trillion. It is evident that the black community is thriving now more than ever.
In accordance with Black History Month, financial lender Merchant Cash USA surveyed black millennials in various industries to find out what areas of business most interested them, and if they would consider using alternative financing as a means to funding their dream start up. Merchant Cash USA reached out to survey various black individuals ages 18-28 via third-party marketing company Cobia Systems to see what types of businesses most millennials were looking to open.
The organization surveyed, through an email campaign, 4,243 black male and female millennials from various areas around the country to see who would use alternative financing to jumpstart a particular business and what areas of industry were most popular.
The top five most popular cities that these millennials lived in were:
- Washington, DC
- New Orleans
- New York City
Percentages reflect those inclined to use alternative financing. The results of the survey are listed below.
Black Millennials Looking for Funding for Dream Start Up (Survey results of 4,243 individuals)
- Social Media and Marketing – 82 percent
- Residential Construction – 76 percent
- Food Services – 70 percent
- Landscaping Architecture- 69 percent
- Tourism/Travel Services – 65 percent
- Alternative Energy Industry – 58 percent
- Startup – 56 percent
- Real Estate – 47 percent
- Retail/Fashion– 44 percent
- Entertainment Industry (TV, Radio, Film) – 40 percent
Merchant Cash USA’s research suggests that the black millennial community has a variety of interests when it comes to employment. From food services to the alternative energy game, they plan to take over numerous industries in a big way.
Research by Edison suggests that 25% of Twitter users are black, and more black celebrities are active on Twitter than any other group. With an increasing number of black people engaging daily on social media, it’s no wonder that the idea of starting a job or company in social media, technology, or marketing is very appealing.
“Black millennials continue to take American industries by storm,” says the Chief Communications Officer of Merchant Cash USA Darrin Landau. “Today, many millennials are leaving their 9-5 jobs and starting their own companies, which is what the American dream is all about. We at Merchant Cash USA want to help them get on their feet and start successful ventures.”
About Merchant Cash USA
Merchant Cash USA was founded in 2015 to help businesses grow by obtaining the cash flow they need. The organization’s mission is to offer small to medium size business owners cash advances without the hassle of big bank requirements. Visit merchcash.com to find out more of follow us on social media. Facebook and Google Plus: Merchant Cash USA and Twitter: @merchcash.