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Support For Black Owned Businesses Have Increased For 2020

Support For Black Owned Businesses Have Increased For 2020

Since the world is opening its eyes and fighting more for Black owned businesses, the awakening is starting to see pay off.

According to reports 16% more shoppers are spending their time and dollars supporting Black businesses.

According to a Brookings report, the typical African American household has a net worth of $17,150 compared to the $171,000 net worth of an average white family. Recent “buy Black” social media campaigns — such as the #BlackoutDay and #MyBlackReceipt hashtags — encourage people to spend money within the community as a form of economic protest and to help bridge the racial wealth gap.

FinanceBuzz also reported an increase with the survey of about 1000 people. Check out their findings below.

Key findings

  • Some Americans have spoken out with their wallets over the last two months: 21% have made a purchase at Black-owned businesses, 16% made a donation, and 15% purchased educational resources. Another 15% said they stopped supporting a business that didn’t support Black Lives Matter (BLM).
  • 43% of Americans don’t know if they’ve made a purchase at a Black-owned business over the last two months, and 9% said they have not shopped at a Black-owned business.
  • Overall 16% said they’ve been shopping more at Black-owned businesses. Those who attended a BLM protest or made a donation are more likely to have supported a Black-owned business: Nearly half (49%) of those who attended a protest said they’ve also been shopping at Black-owned businesses more.
  • Almost one-quarter (24%) of 18-34-year-olds said they’ve been shopping with Black business owners compared to 14% of 45-54-year-olds and just 7% of those aged 55 or older who said the same.

Are Americans shopping at businesses owned by Black leaders more?

Overall, shopping with Black business owners is the most popular way to support the movement — about 1 in 5 Americans say they’ve bought Black in response to protests.

https://infogram.com/blm-response-1h7z2l3qnl5d2ow

Sixteen percent of Americans say they have shopped at businesses owned by Black leaders more often in the last two months, while 28% say they shopped at Black businesses the same amount.

About 43% of Americans don’t know whether they’ve shopped at owned Black businesses more often since the BLM protests began. This may indicate that some aren’t actively seeking more opportunities to buy Black or that they’re having trouble finding Black business owners to support.

To help more people locate and support Black Business owners Mashable created a list of resources identifying businesses in your area.

To get you started, we compiled a list with help from Oshun that is outlined below:

If you know a Black business owner leave the details in the comment section below.

 

 

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