From Cool to Capital: Harnessing Black Culture’s Economic Power

 Steve Stoute’s The Tanning of America brilliantly illustrates how hip-hop culture became a marketing powerhouse, saving countless businesses while birthing new ones. It’s no secret: Black culture drives trends, influences industries, and redefines what’s considered “cool.”  Our collective cultural impact is undeniable, but our economic potential continues goes untapped. 

In her book, Freedom is A Constant Struggle, Angela Davis talks about the “strength of the movement” and the change our generation could have brought about from 2008-2016 if we used the political capital we gained during President Obama’s first campaign. And as I watch the civil rights our ancestors fought for burned to the ground, I feel a kind of rage that will only dissipate when Black communities across America are no longer dependent on the government to grant them permission to be great when it is our ingenuity, our love, our relentlessness, our physical presence, our spiritual presence, and our unquestionable strength that has held this nation together.

Before I dive into HOW we enact change, let's talk numbers. According to a 2024 report by NIQ, African Americans wield a whopping $1.8 Trillion in buying power. Yep! Trillion with a T. The problem is, only a small fraction of this was circulated within Black-owned businesses,  supported local political campaigns, or circulated through Black owned banks. If we truly wielded our collective spending power by choosing to shop Black, invest Black, and bank Black, instead of making them our protest when we’re mad at corporate America-we would ignite an economic revolution that redefines the future of this country. 

Dr. Martin Luther King Jr. once said, “Our struggle is for genuine equality, which means economic equality.” Our fight for equality has taken many forms, and has meant different things to different people, but where we spend our money has always been the most powerful tool we have.  A study by the Brookings Institution revealed that Black-owned businesses are more likely to hire Black employees. If we divert our attention to creating jobs and building wealth within our communities we would spend less time online explaining how we are least affected by DEI rollbacks. If we want to minimize the impact on our community long term, if we genuinely want to capitalize on our creativity, innovations and our political brilliance- we have no choice but to bolster the Black owned businesses in our communities. 

Seriously, think about it: what if when you needed a product or service, you sought out a Black-owned business? How many Black jobs could you help to create? And if you already buy Black is there room for other Black owned brands on your shopping list? Platforms like The Black Dollar and Shop the Hood can help with that. Supporting Black owned businesses isn’t just about putting Black dollars back into our community. It's also about taking that undeniable “cool” we bring to whatever we do, and creating a ripple effect of opportunity, visibility, and growth in our community. At the same time, it’s about making it clear that if large companies aren't willing to hire or invest in us, we’ve got us. 

I vehemently agree with economist Dr. Julianne Malveaux, when she says, “If we really believed that the system as it is currently constituted cannot produce fair results, we’d create change.” While boycotting Target has been working, lasting change comes with a clear understanding that we need to take bold and intentional steps towards taking back our communities. Supporting Black-owned companies, startups, and investment funds, will be crucial in combating the effects of President Trump’s reckless use of executive power. The writing is on the perverbile wall. Without a plan to exert economic wealth, so many in our communities are in trouble.

 
According to a Nielsen report, if Black households spent just $1 out of every $10 with Black-owned businesses, it could generate over $15 billion in additional revenue annually. That's money to rebuild Black neighborhoods, fund schools in our communities, and support politicians who align with our values. That's Black kids seeing successful Black business owners. And most importantly- it's a shift we would have started that will attract folks from other cultures. 

So, here’s my proposal: for the next four years, make a conscious decision to redirect at least 30% of your spending, investing, and banking into Black-owned ventures.Black culture already sets the tone for what’s cool, profitable, and relevant. From the TikTok dances that dominate social media to the music in million-dollar ad campaigns, our influence is unmatched. Now, it’s time to ensure that our economic and political power match our cultural impact.