Extemporaneous musings, occasionally poetic, about life in its richly varied dimensions, especially as relates to history, theology, law, literature, science, by one who is an attorney, ordained minister, historian, writer, and African American.
Tuesday, June 11, 2019
$1,2 TRILLION WASTED
$1.2 TRILLION WASTED ANNUALLY
Cigarettes , chewing gum, soda pop, candy , potato chips , cigars , are all consumables that confer no healthy benefits--indeed are quite unhealthy --and take away billions of dollars each month from black people's collective pockets due to the lack of conscious consumer spending discipline.
Saving is reverse spending. Spending is reverse saving. The lack of conscious consumer spending discipline by black people is further impoverishing them, us. That is because we don't own the means of ordinary production, promotion, distribution, retail of the unhealthy consumables listed above, and unnamed others, which take a triple toll on us, unwittingly and daily: our pockets, health, and community enrichment.
The marketing professionals peg the black consumer market at $1.2 trillion dollars annually. Want some reparations? There you have them! Save don't spend. Freedom comes!
They write for the end of 2017:
"Black consumers account for a disproportionate amount of product sales in a number of fast-moving consumer goods categories. Again, with $1.2 trillion in spending power, African-American consumers are an important population for smart brands that want to grow market share and brand preference. More importantly, the data suggests that Black consumer spending already significantly affects the bottom line in many categories and industries, and brands can't afford to lose favor or traction with this segment without potential negative impact.
"The enormous buying potential of Black consumers has put a spotlight on many popular brands' ability to navigate the nuances of culturally relevant and socially conscious marketing. African Americans are more likely than non-Hispanic white peers to interact with brands on social media or to use social networks to support companies and brands (44% more likely). As the almost nuclear power of social media collides with an increasingly educated, affluent, tech-savvy black consumer base, there's never been a more critical time for companies to build and sustain deeper, more meaningful connections with black consumers—not only to grow their relationships, but to protect them.
“When it comes to African-American consumer spend, there are millions, sometimes billions of dollars in revenue at stake,” said Andrew McCaskill, Senior Vice President, Global Communications and Multicultural Marketing, Nielsen. “With 43% of the 75 million Millennials in the U.S. identifyinTRILLIONg as African American, Hispanic or Asian, if a brand doesn’t have a multicultural strategy, it doesn’t have a growth strategy. The business case for multicultural outreach is clear. African-American consumers, and all diverse consumers, want to see themselves authentically represented in marketing, and they want brands to recognize their value to the bottomline.”
https://www.nielsen.com/us/en/insights/news/2018/black-impact-consumer-categories-where-african-americans-move-markets.print.html
Our black liberation power is in our very hands! We spend it, we waste it, on junk, then beg from others for what we have thoughtlessly imprudently wasted on unhealthy consumption.
Woe is me! Woe are we! Woefully!