According to a report released by the Nielsen Company, Asians keep a dollar in their community 120 times longer than blacks.
The report, “The State of the African American Consumer,” takes a look at the spending habits of blacks in the country.
Over the weekend, The Nielsen Company released “The State of the African American Consumer”, a groundbreaking report projecting African Americans buying power at 1.1 Trillion dollars annually by 2015. To illustrate how massive this figure is, if African Americans’ purchasing power equated to a country’s GDP, we would be the 16th largest country in the world! What does this mean? Black consumers have more economic power than we may realize. It is important to note that the 1.1 Trillion figure may not necessarily be all cash on hand, as we may be using credit cards and loans to make certain purchases. Also, spending power increases and/or decreases with one’s income. However, as a collective, there is enormous potential for black consumers to leverage our economic power by way of supporting black owned businesses to foster community economic development.
While a dollar circulates in the African American community for just six hours, it stays in Asian communities for one month, in Jewish communities for approximately 20 days and 17 days in white communities.
African Americans have a buying power of 1.1 trillion dollars, yet only 2 cents of every dollar a black person spends in America goes to black-owned businesses.
Thoughts on the findings of the report?
How can we ensure that black business have a chance to thrive and the support they need?
Sound off below!