Consumerism and buying power in this country are practically the core of our economy. The average American spends roughly $51,000 a year. Excluding taxes and rent, about half of that money goes to corporate businesses. White-owned businesses generate the most money and create the most jobs in the U.S., with $12.9 trillion in annual revenue and 55.9 million jobs. Black-owned businesses generate the least amount of money and create the least amount of jobs in the U.S., with $187.6 billion in annual revenue and only one million jobs. These numbers are quite horrific, considering that collectively, African Americans/Blacks have a spending power of $1.1 trillion. If we spend most of the currency that is in circulation in the United States, how are Black-owned businesses making the least amount of money and creating the least amount of jobs?
The answer is obvious: we are not endorsing black-owned businesses as much as we should be. There are two million black owned businesses in the United States that make up every industry imaginable: manufacturing, food service, transportation, health care, entertainment, etc. There would most likely be plenty more Black-owned companies if there were people buying from Black-owned companies, but clearly these people do not exist. The companies that are successful and Black-owned are always competing with larger corporations, despite similar and sometimes even better quality. There are also businesses who target and specialize in catering to the Black community that are white owned: BET, Essence Magazine, XXL, Dark and Lovely, and many more.
As a community, we should be supporting each other. Black-owned businesses can only thrive with our support. Commercialized mega-corporations may be convenient and easy to come by, but we cannot leave black entrepreneurs out to dry. If you know of a black-owned business near you or spot one with products and services that appeal to you, support them in any way you can. You do not necessarily have to be black to contribute; supporting minorities and helping us break barriers is a wonderful way to help change this nation that was built on white success. Hispanic-owned businesses and Asian-owned businesses could use the support as well; promoting diversity in a business world that is full of corporate uniformity is one of the smartest things we can do as consumers.
Another important thing we as consumers should do is to be aware of who we endorse. Occasionally, the companies that we purchase from have a history of being racist, homophobic, sexist, etc. If a company is known for having terrible morals, they simply do not deserve your money. Popular corporate companies that have been sued for racial discrimination specifically towards African Americans include Walmart, Abercrombie & Fitch, Denny’s, and Coca-Cola. A good idea would be to research companies that you purchase from frequently, and try to replace any of the problematic ones with a Black-owned business, any minority owned business, or simply a business that has better values. This way, we will be ensuring that those who do not deserve our money will not receive it and Black-owned businesses will finally be able to grow and achieve the success that we rightfully deserve.
