Dr. Jared Ball and Black Buying Power
In a thought-provoking video, Dr. Jared Ball from Morgan State University delves into the complexities surrounding the concept of ‘Buying Black’ and its effectiveness in bridging the racial wealth gap. As a proud Morgan State alum myself, I resonate with Dr. Ball’s perspective, though I haven’t yet read his book “The Myth and Propaganda of Black Buying Power.” This discussion isn’t about contesting his views; rather, it’s an opportunity to further explore this multifaceted issue.
Black Businesses and National Spending Capture
These “inclusive consumers” want to purchase Black-owned brands but are often frustrated by their underrepresentation in stores: Despite 14.2% of the US population identifying as Black, Black-owned brands accounted for only 1.5% of total retail spending in 2020, generating $83 billion in sales.
A crucial aspect to consider is the journey of a dollar within Black communities and its limited circulation before exiting. This observation is not just about numbers; it’s about creating a sustainable economic ecosystem. Despite a decrease in our communities’ spending capture rate, which might or might not account for inflation, the focus should be on maximizing the utilization of local services.
The Target Market of Black Businesses
Many Black enterprises specifically target the Black community, often positioned as ‘the Black alternative.’ This approach, while not ideal for long-term growth, is a strategy that keeps financial resources within the community. It also empowers individuals, who might feel undervalued in other jobs, to take charge of their financial destiny. However, it’s important to distinguish between businesses with a broader vision and those operating more as ‘hustles’ with limited goals and potential.
Starting by targeting your community can be a strategic move, but it’s vital to avoid becoming confined to this niche. Broadening your demographic focus is key to growth. Unfortunately, there’s a pervasive misconception that products or services created by Black people are exclusively for Black consumers. This is a clear manifestation of racism. Our offerings are meant for everyone, and this inclusitivity is vital for growth.
Diversity of Black Businesses
At Buy Black Main Street, we take pride in highlighting various Black-owned businesses that cater to a diverse audience, not just the Black community. These include lifestyle, health, and luxury brands, among others. Supporting these businesses is crucial for capturing a larger share of national spending and challenging stereotypes.
Navigating Online Discussions and Misinformation
There are a lot of bad actors and bad faith debaters whose only goal is to sow discord. They don’t actually want to be productive, they only want engagement in the comments so they can show up in your algorithm more and be able to feed you more nonsense. I do not trust people and pages who jump on any issue that seems like it can be divisive and make that a part of their platforms.
The Broader Picture: Investment and Advocacy for Equality
Addressing the racial wealth gap requires more than just capital and investment in Black communities. It’s about a holistic approach that includes advocating for equality. Engaging in discussions for the sake of argument does little to foster real change. It’s encouraging to see numerous Black-owned businesses thriving, symbolizing hope for community enrichment and inspiring the next generation of entrepreneurs.
In conclusion, while ‘Buying Black’ alone isn’t the panacea for the racial wealth gap, it’s a part of a larger strategy for economic empowerment and progress within Black communities. We must continue to support and invest in Black businesses while advocating for broader systemic changes.
