Black businesses represent 9% of all U.S. businesses.1 The U.S. has seen a growth in black businesses over the last decade with a total of almost 2.6 million individual black owned businesses across the United States.1 Within the last 10 years African Americans are making more money.1 There has been a decrease in the number of Black American households making $25,000 per year and an increase in the number of Black American households making $100,000 or more per year.1 Since more Black Americans, especially black females, are becoming smarter, entering more entrepreneurship, and earning a higher annual income this will result in the Black American community having a higher buying power.1 What is our buying power? Our buying power is the money we have available to trade and invest. In 2015, African Americans had a buying power of $1.2 trillion in the U.S., which has been projected to grow to $1.4 trillion by 2020.1 These numbers are pretty amazing considering African Americans make up about 14% of the U.S. population.1 This means that African Americans currently have the money that we can use to reinvest in ourselves and build more wealth within the Black American community.
Buying within black-owned businesses will give the African American community the opportunity to achieve independence and hold our own. When we choose as Black Americans to spend more money amongst ourselves we create more opportunities for us to reach far beyond our perceived potential. I encourage you to help the black community work towards creating the money we need to rebuild our communities and achieve success. I myself have chosen to incorporate buying black into my everyday life. One day I was looking for new food to eat and I realized this restaurant that I had ignored for months, within walking distance of my home, was a Jamaican black-owned restaurant. As I am a first-generation American from Jamaican parents I had to try this out because it seemed too good to be true. I bought dinner for my family that day, the food was delicious, and I have now added that restaurant into my regular rotation of places to eat out. Normally, I would have spent this money on take-out anyway, so it was convenient for me to redirect my spending and support one of my local black businesses.
As an African American consumer, how are you going to choose to spend your money next time you go out and make a purchase or receive a service? This upcoming week when you catch a drink after work with friends, when you grab dinner for the family, or want to grab an outfit for an upcoming event seek out a local black business and support them. As long as we believe in ourselves, and work together towards our goals, there will be no limit to what we can achieve.
1. Young, Connected and Black. (2016, October 17). Retrieved July 4, 2017, from http://www.nielsen.com/us/en/insights/reports/2016/young-connected-and-black.html