Dollars & Sense

I recently read an article on Black buying power in the US.  According to the article, there are 43 million blacks in America and to date, we're the largest racial minority group. The article went on to say that it is predicted that Black spending will reach $1.1 trillion by 2015. That is an impressive amount of money!

 

Highlights from the Report:

 

• With a buying power of nearly 1 trillion annually, if Blacks were a country, they'd be the 16th largest country in the world. This is incredible.
• Blacks make more shopping trips than all other groups, but spend less money per trip.
• Blacks in higher income brackets, also spend 300 percent more in higher end retail grocers more than any other high-income household.
• Thirty-three percent of all Blacks own a smart phone.
• Black Americans use more than double the amount of mobile phone voice minutes compared to whites--1,298 minutes a month vs. 606.

Do we understand how powerful our dollars are? Do we have a social consciousness regarding where we spend our money? Do we support businesses and/or products that support us?

As we move into the holiday season and a New Year, these are things we might consider when purchasing gifts and setting our goals and intentions for 2013 and beyond.

 

Together we thrive,

 

Jacqueline