There’s currently about $300 billion in untouched retail money because of how powerful and underrepresented Black buying power is. According to one study, we don’t find most mainstream retail products appealing, so we’re willing to pay 20% more for an item that actually does appeal to us! Enter the Black entrepreneur.
Because a lot of major retailers don’t include Black models or test products on Black skin, there’s a plethora of untouched money waiting to be spent on the right fashion and beauty brands. This is great news for Black entrepreneurs AND consumers – the Golden Age of Black businesses seems poised to change this for good.
For several years, it was hard for Black people to find clothes that fit our body types or makeup for our skin tones. Now we’re creating our own definition of luxury – with brands like Fenty, Telfar, Toni Marlow, or Brandon Blackwood.
Because many major companies don’t promote Black people to leadership, they don’t know how to market their products to a Black audience. You can’t accurately cater to a community you don’t belong to or understand! And why should we be supporting THEM instead of US anyway?
A new wave of Black entrepreneurs is empowering us to be represented on televisions and runways. The value of the Black dollar is powerful – let’s spend that money on Black businesses the best we can!