The Return on Disability Group, Inc. has published its most recent Global Economics of Disability: 2024 report which estimates that the spending power people with disabilities (PWD) have is worth more than $18-trillion (figures in U.S. dollars).
The report, designed for business leaders, policymakers and entrepreneurs, says customer experience is a key driver of success for businesses interested in tapping this emerging market. “It repositions disability not as a niche concern, but as a major growth opportunity crossing geographic and sector boundaries,” they write. They estimate that 22 per cent of the world’s population lives with a disability. In North America and Europe, PWD control more than $2.6-trillion in disposable income.
“Long thought of as an economically poor demographic,” they write, they add that this is changing as the wealthiest generation begins aging into disability.
The report urges businesses to move beyond regulatory responses and advocates for those designing products and services to do so with disability in mind, knowing that this will improve the product or service for all.
The largest emerging market in the world
“The disability market is the largest emerging market in the world, yet materially, all organizations fail to capture its full value,” says Rich Donovan, CEO of the Return on Disability Group. “Businesses can lead through experience-driven design that works for everyone, not just a small segment.”
The comprehensive report also looks at the moves some large technology companies are making to improve user-centric approaches. It also discusses the challenges that occur when disability concerns are only considered by those tasked with diversity, equity and inclusion (DEI) efforts – an organizational decision they say limits opportunities for revenue capture.
“DEI teams rarely have budgets for design work, nor do they typically have design capabilities in house,” the report states. “Even if DEI is able to get the identity elements right – eliminating stigma surrounding disability or improving branding – there still will not be changes in the functional nature of products or services without product or service teams substantively leading the charge.”
In addition to crossing geographies and sectors, the market also crosses linguistic, gender, age and class boundaries, as well. This, they say, makes it a source of misunderstood value, both as a consumer base and as a talent pool.
“Disability represents over 25 per cent of your customers and over 20 per cent of your talent. Minimum,” they stress. “Action must flow from board and senior leadership down to customer and talent-facing teams – not compliance or DEI.”