The Purple Pound
In the dynamic landscape of the UK economy, one market force often overlooked is the "Purple Pound." This term refers to the significant spending power wielded by individuals with disabilities and their families. As the disabled population in the UK continues to grow – estimated at a staggering 14.1 million according to the Office for National Statistics – the Purple Pound emerges as a formidable economic force, influencing demand across various sectors including retail, leisure, tourism, and healthcare.
The Economic Impact of Disability Spending
Research conducted by the Department for Work and Pensions (DWP) sheds light on the immense economic contribution of households with disabled members. Despite the economic challenges many disabled people face, these households collectively have a spending power of approximately £249 billion annually, representing nearly 20% of total household expenditure in the UK. Additionally, the Disability Benefits Consortium estimates that disabled individuals themselves contribute around £80 billion to the economy each year. These statistics underscore the substantial market opportunity that exists for businesses catering to the needs of disabled consumers.
Catering to Accessibility: A Win-Win for Businesses
Businesses that prioritise accessibility and inclusivity stand to benefit immensely from tapping into the Purple Pound market. Studies, such as the Extra Costs Commission's research, reveal that a significant portion of disabled consumers have walked away from businesses due to poor accessibility or customer service. Addressing these concerns not only retains existing customers but also attracts new ones. Furthermore, the Click-Away Pound survey highlights the financial repercussions of inaccessible websites, estimating that UK businesses lose a staggering £17.1 billion in revenue annually due to digital inaccessibility.
Beyond Profit: Fostering Inclusion and Social Responsibility
However, the significance of the Purple Pound transcends mere economic considerations. Embracing this market represents a commitment to diversity, inclusion, and social responsibility. By prioritising accessibility and engaging with disabled consumers, businesses contribute to dismantling barriers and promoting equal participation in society. Inclusive practices not only enhance the customer experience but also foster a culture of respect, dignity, and equality for all.
Challenges and Opportunities Ahead
Despite the potential benefits of the Purple Pound, this remains a vast and untapped economic opportunity for many businesses in the UK who are missing out on this revenue stream. This may be due to a lack awareness or understanding of the needs of disabled consumers, leading to gaps in accessibility and inclusivity. Overcoming these challenges requires concerted efforts to raise awareness, promote best practices, and advocate for greater accessibility and inclusion across all sectors.
Inexclusion can help you with overcoming these challenges and increase your revenues. Contact us to see how we can help.
Sources:
Office for National Statistics. (2020). Disability and health, UK: 2019. Retrieved from https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/disability/bulletins/disabilityandhealthuk/2019
Department for Work and Pensions. (n.d.). Retrieved from https://www.gov.uk/government/organisations/department-for-work-pensions.
Disability Benefits Consortium. (n.d.). Retrieved from https://disabilitybenefitsconsortium.wordpress.com/
Extra Costs Commission. (2019). Retrieved from https://www.scope.org.uk/extra-costs-commission/
Click-Away Pound survey. (2019). Retrieved from https://www.clickawaypound.com/
