Black buying power continues to increase. It is currently $1 trillion but is forecast to increase up to $1.3 trillion by 2017. Population growth and increased educational attainment are key factors in the uptick in Black consumer power according to the “Resilient, Receptive and Relevant African-American Consumer 2013 Report” by Nielsen and the National Newspaper Publishers Association.
Black people pooling economic resources is not an unrealistic fantasy or “wishful thinking” naysayers often suggest. In fact, nationwide, efforts large and small are underway to put into motion the means and methods of making economic development and economic growth in Black communities not just a slogan but a functioning reality. The time is now to establish institutions that can create jobs and promote community development, said advocates.With a buying power of over $1 trillion Blacks could harness those dollars to Black owned initiatives and opportunities for real socio- economic change would be limitless, said Black business advocates, entrepreneurs and activists.
“We should begin to spend a substantial portion of those dollars with Black-owned businesses; we should be depositing substantial amounts of those dollars in Black-owned banks,” said Lasana K. Mack, founder and executive director of APPEAL, Inc., based in Washington, D.C.
By doing this, explained Mr. Mack, those very same Black financial institutions will then have the capacity to fund projects, goods and services needed by Black consumers.
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