Mercedes Wright, Odofoley Oquaye, and F. Khristopher Blue (no Vann Lowery today :( ! ) talk about the BLACK dollar. Well, mostly the ladies on this episode...
A dollar spends 28 days circulating in the Asian community; 19 days in the Jewish community; 17 days in predominately WASP communities; and 7 days in Hispanic communities. A dollar circulates for only 6 hours in the black community. In other words, when a Black person earns a dollar it is typically not spent with a Black owned business. 99% of our 1.3 Trillion dollar buying power is spent outside of our community. Blacks spend less money in black-owned businesses than other racial and ethnic groups spend in businesses owned by members of their groups.
Why?
Practically, it may be inconvenient. There may not be many Black-owned businesses near you, whereas there is typically a Target, WalMart or Sears in most communities. But how many Black people have even looked to see where the closest Black owned businesses are located
