Executive Briefings

African Americans Urged to Spend More in Black-owned Businesses

Blacks spend less money in black-owned businesses than other racial and ethnic groups spend in businesses owned by members of their groups, including Hispanics and Asians.

African Americans Urged to Spend More in Black-owned Businesses

A report by Nielsen and Essence estimates that black buying power will reach $1.3tr in the next few years, yet only a tiny fraction of that money is spent at black-owned businesses. Unless black people devote more attention to building wealth within the black community, some contend, they will always be behind.

Others criticize the effort as racist, but author Maggie Anderson disagrees. The author of Our Black Year, which chronicled her family's efforts to patronize black-owned businesses for 12 months, says that her goals are inclusive, and that she has also sought to encourage companies in industries like fashion, entertainment and liquor that profit from black clientele to do more to support black communities and do business with black suppliers.

“When we think about diversity, we still think about H.R. diversity,” Anderson said. “It’s not about H.R. diversity; it’s about supplier diversity. If you want us to do business with you, you have to do business with us.”

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A report by Nielsen and Essence estimates that black buying power will reach $1.3tr in the next few years, yet only a tiny fraction of that money is spent at black-owned businesses. Unless black people devote more attention to building wealth within the black community, some contend, they will always be behind.

Others criticize the effort as racist, but author Maggie Anderson disagrees. The author of Our Black Year, which chronicled her family's efforts to patronize black-owned businesses for 12 months, says that her goals are inclusive, and that she has also sought to encourage companies in industries like fashion, entertainment and liquor that profit from black clientele to do more to support black communities and do business with black suppliers.

“When we think about diversity, we still think about H.R. diversity,” Anderson said. “It’s not about H.R. diversity; it’s about supplier diversity. If you want us to do business with you, you have to do business with us.”

Read Full Article

African Americans Urged to Spend More in Black-owned Businesses