Blacks throughout America’s history have been disadvantaged in all aspects of life, yet in America today, African Americans are actually rising as the greatest influence in the nation’s economy. Alongside the present Black Lives Matter movement, it is fundamental to also acknowledge the increasing important matter of black money in America. Unbeknownst to most, black people are becoming richer, and their wealth is capable of influencing the country in a significant manner.
African Americans are growing in number and income, as reported by Atlanta Black Star. The news source shares, “It is projected that by 2060, the Black population will increase from 45.7 million to 74.5 million, with 17.9 percent of the U.S. population.” As the black population expands, their influence with money also continues to grow. According to studies from the University of Georgia’s Selig Center for Economic Growth, since 1990, black buying power has increased by 275 percent. This year, black buying power is expected to reach $1.2 trillion.
Where Is All the Wealth Going?
As they become wealthier, African Americans are spending more than their counterparts and grabbing a stronger share of the economy. If African Americans attain this substantial amount of buying power, then why are they often denoted as living in poverty? Although their economic influence is expanding, African Americans are handing their money to groups outside of their racial bracket. Overall, affluent African Americans spend money on both necessities and luxuries for businesses in white communities. The African American sector has a large income, but they are often not using it to intentionally cultivate the black community.
More black businesses, in order to thrive, are intentionally targeting the lifestyle of customers who are African American. These businesess know it is not enough to simply include a black person in an advertisement. African Americans realize that companies want a long-term relationship with their community.
Black Influence is Undeniable
Sharing a report from last year, The Atlantic described 2015 as the peak of African American influence in areas such as television, music, social media and on social issues, and black Americans are becoming more educated, rich, and technologically advanced. Blacks have been known as trendsetters, and as their economic power increases, African Americans will have to be included in more business targeting millennials, the report concludes.
For too long, African American influence has been widely undermined or rejected. However, as their influence gains more traction, America will need to recognize the power of black Americans for what they are worth.