Why should we need a “Buy Black Initiative”? Unfortunately, the reason is similar to other initiatives. Initiatives are often started in areas where there are deficiencies. An initiative is defined as “an act or strategy intended to resolve a difficulty or improve a situation; a fresh approach to something.” We need innovative ideas and plans to address our problem. I am grateful that Buy Black Economics is sponsoring this initiative to change our situation.
If you are not familiar with our situation, Google “Black buying power.” Research shows that we spend more than other races, and most of that money is not spent within our own communities. James Clingman, Jr., noted that 90% of $850 billion that moves through black consumers’ hands each year is spent in businesses that are not black-owned. Clearly, the Black community needs help to rectify our situation.
Britni Danielle shared the following information from an NAACP report: “Currently, a dollar circulates in Asian communities for a month, in Jewish communities approximately 20 days and white communities 17 days. How long does a dollar circulate in the black community? 6 hours!!! African American buying power is at 1.1 Trillion; and yet only 2 cents of every dollar an African American spends in this country goes to black owned businesses.”
These statistics are alarming! Many of us see what is going on, including those who invest in Black-owned businesses. It seems that we are handicapped by inaction and/or apathy. Inaction will not help our situation, and apathy about the situation only worsens our communities. All of us can complain, but that won’t change anything. Everyone can make a difference! How can you help? Support Black-owned businesses! Here’s why:
Four Reasons to Buy Black:
1. It reduces the black unemployment rate. After the government, black-owned businesses are the largest employers of Blacks.
2. It improves our communities by reducing many of the societal issues, like crime, that plague them.
3. It has the potential of increasing black political power. At the very least, it can help build our visibility and improve our voice.
4. It translates to more buying power in our communities. Jeffrey M. Humphreys noted, “Several critical factors account for the gains in Black buying power. Beyond population growth and inflation, one of the most important and enduring forces is the increasing number of Blacks starting and expanding their own businesses.”
Will you support the Buy Black Initiative this month? Please comment.