Coca-Cola said last year it would double its spend with minority-owned businesses by 2024, spending at least 8% of its ad dollars with Black, Hispanic and Asian -owned entities. Verizon has pledged to spend a minimum of 2% of its ad budget with Black-owned media. Burt’s Bees became the first brand to launch a campaign via Omnicom's Diverse Creators Network.

At the IAB event, Omnicom Media Group’s chief diversity and inclusion officer Sara Porritt cited the lack of Asian-American hosts as an issue limiting brands’ reach. “There aren’t that many voices that are elevated to that level and it’s up to the industry to help make that happen,” she said.

Cheese serves Asian American communities. Fortú focuses on underserved Latinos. Daylight is geared toward the LGBTQ+ community. Kinley and Greenwood serve Black Americans.

For example, many empty containers needed by Asian exporters are stuck in the port of Rotterdam due to a growing backlog of undelivered goods at Europe’s busiest export hub. There’s also labor shortages, disruptions from the war in Ukraine, and the lingering fallout from pandemic lockdowns in China.

In context, when JPMorgan Chase analysts this year downgraded Chinese stocks, their report resulted in $200 billion erased from U.S. and Asian markets.

The big takeaway: It will be some time before livestream shopping adoption in Western markets reaches the level of penetration seen in Asian countries. At the same time, by putting its livestream shopping plans on ice, TikTok is leaving the door open for other platforms to take the lead. Go further: For more on TikTok commerce, read our report here.

Asian Development Bank (ADB). Bank of Thailand. Emplifi. Ministry of Culture, Sports and Tourism of Vietnam. PayPal. Statistics Indonesia. The Drum.

The US buying power of Asian and Black consumers, for example, is expected to rise nearly 39% and 26%, respectively, from 2020 to 2025, compared with growth of 22% for white consumers.