The fact is that women and minorities have tremendous spending power available to them. And money talks in the US and as history shows, money can make companies, politicians, and those in power (mostly white males) make changes – even if it is for their own good.
Minorities groups have a combined spending power of about 4 trillion dollars according to Selig Center’s Multicultural Economy Report. This is comprised of Black Americans with about $1.3 trillion, Native Americans of about $120 billion, Asian Americans about $1 trillion, and Hispanics of about $1.5 trillion.
Women have spending power of about $6.5 trillion dollars and they are involved in about 85% of purchasing decisions according to Girl Power Marketing. This means they influence where even men spend their money.
Power of changing spending habits
Just think about the power there. Even if a portion of that money was spent on black or Hispanic businesses, or women businesses or Asian or Native American businesses, that would make a HUGE difference. Note only would it make a huge positive impact for those women and minorities, but it would also “hurt” other white male owned and dominated companies.
This can also help with income inequality. We are always surprised at how many people will say complain or say it is not right for someone like Jeff Bezos to have a net worth of $170 billion dollars, but right after they complain they go shop at Amazon. Or people ask does Mark Zuckerberg need to have a net worth of $85 billion, but right after they say that they spend 4 hours that day of Facebook. Or they complain about Wal-Mart paying less than a living wage, but then they go load up a shopping cart at Wal-Mart. While we live in a Capitalist society that rightfully rewards risk, entrepreneurship, and hard-work, how much is enough?
By spending money at minority and women owned businesses, you are in effect taking a stand and saying “enough is enough”. You are helping women, Hispanics, Asians, black and other minority businesses owners will also TAKING spending from those huge companies that have more than enough to their name – and ideally driving much needed change at those huge companies.
By Jon McNamara