AFRICANGLOBE – Black spending is powerful — at about $967 billion annually. And it’s expected to grow to $1.1 trillion by 2015, according to the market research giant Nielsen.
Black Americans use more than twice the amount of minutes on cellular service than Whites — 1,300 compared with 600 — and watch 40 percent more television than any other group, Nielsen Senior Vice President Cheryl Pearson-McNeil told a luncheon crowd Wednesday at the closing day of the Rainbow PUSH Coalition and Citizenship Education Fund conference at the Chicago Hilton and Towers.
But many corporations lack respect for Black buying power, Pearson-McNeil told the audience. “Companies do not recognize that power,” she said.
About 600 civic and thought leaders, politicians and business leaders participated in the conference, which included panel discussions addressing labor, voting rights, church foreclosures, hip hop and access to capital.
Pearson-McNeil advised African Americans to take more stock in their spending practices and pay attention to the companies they support.
“To the consumer, we encourage you to wake up. Stop whining about things we cannot change, and focus on that which we can,” she said. “Take time to research the companies who are supportive of us. That’s where our dollars should be going.
“And recognize that your own power lies in your wallets and your mindset. That every single tube of lipstick that you buy; toothbrush that you purchase; ringtone that you download; car that you drive; restaurant that you choose to eat in … No matter what your consumer choices or behaviors are, some company is on the receiving end of that transaction. And there’s a ka-ching, ka-ching direct correlation between your decision and that company’s profit margin.”
By Cheryl V. Jackson
Dr. Claud Anderson Black Labor White Wealth