As the holiday season approaches, finding the perfect gifts for your loved ones and supporting businesses that can make a real difference is an excellent opportunity. One such way is by supporting Black-owned businesses.
The Current State of Black-Owned Businesses
According to the Pew Research Center, there were an estimated 140,918 U.S. firms with majority Black or African American ownership in 2020, up 14% from 124,004 in 2017^1^. However, despite this growth, Black businesses still face significant challenges. A report by Forbes revealed that 79% of Black business owners have experienced racism from a customer.
Moreover, Black consumers represent a formidable economic bloc. McKinsey reports that 45% of consumers in the United States agree that companies should pledge to support Black-owned brands^4^. Major retailers like Nordstrom, Macy’s, and Sephora are already partnering with initiatives like the Fifteen Percent Pledge to drive sales to Black-owned businesses^6^.
How to Support Black-Owned Businesses This Holiday Season
- Shop from Black-Owned Businesses
Shopping from them is one of the most straightforward ways to support Black-owned businesses. For example, Nielsen reports that Black consumers in the United States spend nine times more on ethnic beauty and grooming products than any other demographic. This indicates a substantial market for Black-owned brands in these sectors.
- Advocate for Black-Owned Businesses on Social Media
Social media is a powerful tool for promoting Black-owned businesses. By sharing posts about these businesses or using dedicated hashtags like #BuyBlack or #SupportBlackBusinesses, you can help increase their visibility.
How Let Bob Technologies Can Help
Let Bob Technologies is committed to supporting Black-owned businesses. Our platform can be used to discover and promote these businesses. By featuring Black-owned businesses on our homepage or creating dedicated sections for them, we can help direct our users towards these businesses.
Let Bob Merchandise Store:
Perfect for Holiday Gift-Giving
Our merchandise store at www.letbob.com/shop offers a range of products that make for perfect holiday gifts. Not only are these products high-quality and unique, but by purchasing from our store, you also support our mission to promote and support Black-owned businesses.