Where is the Spending Power?
We all have heard for so long how the minority community, mainly the black community has a potential spending power that could build infrastructure without economic dependency on the white supremacy machine. Therefore, facts and numbers have to be calculated and foretasted to predict a baseline for future economics.
According to the blackentrepreneur.com news feed they discuss the forecasted outlook in the United States amongst the African American when they state, “Black buying power continues to increase, rising from its current $1 trillion level to a forecasted $1.3 trillion by 2017. Black buying power has seen an 86 percent increase since 2000 and accounts for 8.7 percent of the nation’s total. The growth in black buying power stems in part from an increase in the number of black-owned businesses as well as from an uptick in education among the African-American population, which leads to higher incomes. Despite historically high unemployment rates, Blacks have shown resiliency in their ability to persevere as consumers.”
Now, we have great validity in numbers and statistics; however, the issue is the consumption that troubles me. We are still a great consumer on items that are not necessarily contributing to building more entreprenuers to take the reins of major companies to become fortune 500. Instead, we consume more Jordans, oil sheen, rims, designer jewelry and other frivolous items. On the other hand, the amount of black-owned businesses is very essential in the increase in black economics. Moreover, these businesses should pool their own resources to provide more jobs within the community, which will stimulate the circulation of the black dollar into the community for restructuring and educating.