ECONOMIC COOPERATION and DEVELOPMENT
PowerSis is driven by the economic cooperation and development of African/Black families both nationally and internationally. We pride ourselves on focussing on improving the social and economic well-being of ‘Black’ people around the world.
PowerSis provides a forum in which targeted groups of our local, national and international communities can work together to share experiences, offer advice and solutions to those common economic problems that we face. Our overall goal being, to develop our own banks!
According to a report released by the Nielsen Company, Asians keep a dollar in their community 120 times longer than blacks. While a dollar circulates in the African American community for just six hours, it stays in Asian communities for one month, in Jewish communities for approximately 20 days and 17 days in white communities.
The report, “The State of the African American Consumer,” takes a look at the spending habits of blacks in the country.The Nielsen Company released “The State of the African American Consumer”, a groundbreaking report projecting African Americans buying power at 1.1 Trillion dollars annually by 2015 (and the UK is not far behind). This is a massive figure!
So what does this mean?
Black consumers have more economic power than we realise. It is important to note that the 1.1 Trillion figure may not necessarily be all cash on hand, as we may be using credit cards and loans to make certain purchases. Also, spending power increases and/or decreases with one’s income. However, as a collective, there is enormous potential for black consumers to leverage our economic power by way of supporting black owned businesses to foster community economic development.
African Americans have a buying power of 1.1 trillion dollars, yet only 2 cents of every dollar a black person spends in America goes to black-owned businesses.
How can we ensure that black business have a chance to thrive and the support they need?
Please tell us your thoughts on these findings?