CBX Daily 1/29/2024

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CultureBanx Team
January 29, 2024

Today Americans need to hustle smart to dodge the financial crunch, but let’s start with how black Americans’ consumer power is packing a billion-dollar punch…

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Dip Into The $300 Billion Black American Consumerism Bag 

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At 47.8 million strong, African Americans are the second-largest consumer group, presenting businesses with a $300 billion opportunity stake in this community. Despite being 13.4% of the U.S. population, Black households accounted for just under 10% of the nation’s total spending on goods and services in, according to McKinsey. However, if companies interpret this data as proof that there’s little profit in serving Black consumers, they are making a multi-billion mistake.

Will Americans Need $200,000 A Year To Be Financially Comfortable?

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“Financially comfortable,” the meaning is unreachable for many, especially when you consider Americans feel they need more than three times the median U.S. household income of about $71,000 a year to feel financially secure. A Bankrate survey found U.S. citizens want to earn over $200,000 a year to be financially comfortable. Considering the median household income for Black U.S. households in 2021 was $46,400 and more than 450,000 job cuts during the first half of 2023, the expectation of being financially secure feels out of reach for many. 

Dinero Season: Financial Services Targeting Latinos Could Reach $90 Billion

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Latinos are set to propel the financial-services market with a projected $90 billion revenue by 2030. Their significant contribution to the overall entrepreneurial landscape in the United States cannot be ignored. In the last 14 years, Latino-owned businesses have seen a growth rate of 55% in terms of their workforce, while white-owned businesses an 8% growth rate.

Puff Puff Pass As Snoop Reaches A New Business High

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Snoop Dogg, known for his affinity for smoking cannabis, has recently shifted his focus from smoking to sipping. He has invested heavily into this specific industry beginning with Leafs by Snoop in 2015. The iconic rapper and cannabis enthusiast, takes a new step in his journey by partnering with Hill Beverage Co. to introduce hemp-infused beverages to the market dubbed Do It Fluid.

Black Innovation’s Frontline: Health Tech For Medicaid Is Innovating For A New Era In Medical Coverage

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Medicaid, a significant lifeline for millions of low-income Americans, is undergoing a digital revolution. This transformation is not just enhancing the health care accessibility but also fostering health equity. However, the challenge lies in bridging the gap between innovative digital health tools and their reach to the Medicaid audience. Most of the digital health innovation has been aimed at middle- and high-income consumers, and this is where Health Tech for Medicaid (HT4M), founded by Adimika Arthur, is on a quest to reduce racial, low income and ethnic disparities in health outcomes.

Vibes of the Week

Black Americans’ consumer power is definitely “Higher.” Step into the week with Tems in our CBX Vibes!

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