CBX Daily 10/11/2024

Author

Earlene Greene
October 11, 2024

Today, the market for luxury homes keeps thriving, but let’s start with how black millennial wealth is steadily aligning…

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Black Millennials Getting On Track To Create Generational Wealth

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Millennials are set to become the largest generation and portion of the workforce in the U.S. though they continue to lag behind Baby Boomers when it comes to creating generational wealth. People 57 to 75 years old, control 53% of the country’s total wealth, and have a far larger share of the country’s wealth than millennials when they were the same age, 21% compared to the millennials’ 4.6%. Building generational wealth, financial assets passed down from one generation to another, is an uphill battle for millennials, particularly Black millennials whose financial legacy is imperative in closing the racial wealth gap.

High-End Homes Are In And Average Homes Are Out

CBX Vibe:

There's a shift happening in the real estate market and it is in an unexpected direction. For the first time ever, luxury homes have outpaced average homes in demand. Luxury home values have shown a 3.9% increase in 2024 compared to 2023. To put it in perspective, this growth rate surpasses the 3.2% annual appreciation seen in the values of typical U.S. homes. The growth rate is is even more pronounced in specific markets; in Richmond, for instance, luxury home values have skyrocketed to four times more.

African Nations Are Losing $75 Billion To Biased Credit Ratings

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African nations face disproportionately high borrowing costs due to low credit ratings, which are often based on subjective assessments by global rating agencies. Only two countries, Botswana and Mauritius, hold investment-grade ratings, leaving the rest of the continent with limited access to affordable credit. For example, Kenya spends more than 60% of its revenue servicing debts, severely constraining its ability to invest in critical development areas like infrastructure, education, and healthcare.

Tune-in Tuesdays!

Mars’ acquisition of Kellogg, the maker of Pringles and Pop-Tarts, for $36 billion has ignited a conversation about healthier snacking options in a market often dominated by indulgent treats. In an age where food choices reflect broader lifestyle values, should major corporate decisions prioritize health-conscious consumers, or is it simply business as usual?

A. “What a Time To Be Alive” by Fall Out Boy – Are we on the brink of a significant shift in consumer demand, where health and wellness take precedence over traditional snack foods, prompting companies to adapt or risk losing relevance?
B. “Complicated” by Nivea – Is this a genuine call for healthier options in the marketplace or merely a reaction to shifting trends that companies will capitalize on for profit without real commitment to change?
C. “Ain’t No Mountain High Enough” by Diana Ross – There’s nothing brands won’t do to stay on top of the game and this includes stepping into uncharted waters.

What are your thoughts on this? Tune in next Tuesday to see which jam captures the prevailing sentiment!

A  |  B  |  C

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Unpacking The Corporate Billion Dollar Diversity Supply Chain Bait & Switch

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Intel's (INTC +5.84%) commitment to a diverse supply chain was supposed to leverage the purchasing power of the small business owner and address social gaps in pursuit of fair and equitable business practices. The company claims that its $2.2 billion in diverse supplier spending represents nearly 15 times the annual total from when the program launched in 2015. Are diverse organizations within the supply chain link actually benefiting from these programs?

Economic Gains From African & Caribbean Oils Are On The Horizon

CBX Vibe:

The global demand for natural oils is experiencing a surge due to their versatility in food, cosmetics, and pharmaceuticals. Today, Indonesia and Malaysia dominate the global palm oil market, producing around 85% of the world’s supply. This presents a unique economic opportunity for regions such as Africa and the Caribbean, particularly with red palm and coconut oil. Both areas are historically rich in the natural resources necessary for oil production. At the same time, African countries struggle to compete due to a lack of investment, outdated infrastructure, and economic barriers.

Vibes of the Week

Looks like "TGIF" as black millennials get on track to financial success. GloRilla tells it in our CBX Vibes!