$1.3 trillion! Let me say that again. $1.3 trillion! That is what has been estimated black people spend annually, according to the Nielsen report. That is a lot of paper being spent by a group that only makes up %13.7 of the population in America. That's a lot of buying power. Speaking of buying power, how important is it and what role does it play in our economy? Especially in the black community. It means that we as a collective have a lot of power to make a change using our money and focusing on where it should actually go towards.
When it comes to where we should invest our money, it is in our best interest to spend where our dollar is appreciated. In the past, there have been many big brands that have shown their insensitivity and plain blatant tone-deafness to black culture/history. Major luxury clothing brands like Gucci, Prada, Moncler, Burberry, and countless others have come under extreme scrutiny for their lack of racial awareness, pertaining to the historical significance of some of the products they sell. At what point do these brands learn to fact check their product to make sure that it doesn't offend a whole race of people and their past. It is tiresome to have to see over and over again a brand put out an offensive product, receive backlash, and then apologize for their "ignorance" just for another brand to do the exact thing a few months later. It's like a never-ending cycle that puts their black customers on an emotional roller coaster.
With what is currently going on, there has been a huge shift in racial awareness, which has lead to a racial awakening from people across the board. Major brands have sent out statements in support of the Black Lives Matter Movement and are making it their mission to be more aware and uplifting. With the current climate that is happening worldwide, more and more people, black people especially are making it a point to really think about where they spend their hard-earned money. So when companies release statements in support of black people, genuineness plays a huge role. Our blackness is not a trend. I repeat. Our. Blackness. Is. Not. A. Trend. Period. And should not be treated as a marketing ploy for companies. This can be very problematic when it comes to our community because we want the businesses we shop at to care about us as a whole and not use us as a marketing gimmick.
This is not by any means saying that you have to shop strictly black-owned businesses, but what it is saying is that we need to support our own community like we support others. There are a lot of hardworking black businesses that work fiercely to provide their customer with quality products that often get overlooked. A dollar circulates only for 6 hours in the black community versus our counterparts, which their dollar circulating up to 30 days in their community. That speaks volumes. There is a negative connotation when it comes to black-owned businesses. For some strange reason, we as a community and we as a collective do not trust black businesses. When it comes to black business we need to trust and put faith in these businesses just like we do our counterparts. They work tirelessly day in and day out to bring customers quality products and services.
It is definitely worth investing in our communities by shopping at black-owned businesses. There are thousands of black businesses with amazing goods and services to choose from. When you support, you help close racial wealth gaps, create new jobs, strengthen black communities, and simply help dreams come to life. Your dollar is more than valuable, it is appreciated. Below is a list of some amazing black-owned businesses:
Dee Dee Butter Bar
Beauty of Colour Cosmetics
Honey Fit Brand
The Creative Girl
This is just a very very shortlist from a myriad of black-owned businesses that are out there. It is definitely worth the time to research and buy from a black business. Just scrolling through your social media feed you can easily find a great black business that you didn't even know about. Whether it is a friend, family member, or just a stranger, support. As I mentioned before by investing in a black-owned business by making a purchase, you are helping close the racial wealth gap, helping create new jobs, helping strengthen the black community, and simply contributing to someone live their dream. So the next time you spend your dollar, consider where it is going and who it is actually helping. Your dollar is valuable, spend it where it will be appreciated while getting some amazing new products.