Secure the bag has become a popular phrase in Black culture, but aside from getting money, do you know the true value of the dollars we amass as a community? While it’s no secret that African Americans are seemingly a minority in the total US population, consumers of
color spend approximately $1.2 trillion annually in goods alone.
“Our research shows that Black consumer choices have a ‘cool factor’ that has created a halo effect, influencing not just consumers of color but the mainstream as well,” said Cheryl Grace, Senior Vice President of U.S. Strategic Community Alliances and Consumer Engagement, Nielsen. es, a Nielsen report.
People of color are influencing trends and spending a significant amount of money on the brands they love. This reality is contributing to brands recognizing the need to promote a more socially aware, culturally sensitive image to retain the black consumer dollar and protect their bottom line. To tap into the buying power of the black community, marketing campaigns across the board are implementing strategies to highlight diversity, race and gender inclusivity.
Black consumers lead the spending charts in categories like ethnic hair and beauty aids, women’s fragrances, and non-essential luxury items. Arguably, with the crippling amount of African Americans who are unemployed or living in poverty, the rates at which black consumers purchase luxury items is relatively high.
So the next time anyone questions the motive behind a boycott or protest to cease spending, consider the impact of our black dollar. Imagine if we were to come together to dismantle a system designed to devalue us by simply keeping our money within our own communities. Only then, will we be free. Free enough to establish black wealth and create a real-life Wakanda.
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