CBX Daily 2/1/2024

Author

Jeanette Brown
February 01, 2024

Today the alcohol industry is swimming in profits without the hangover, but let’s start with how black investors are crafting wealth in the latest stock market takeover…

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Black Investors Are The Newest Heavyweights In The Stock Market

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Historical and systemic barriers might contribute to differences in access to traditional financial resources but blacks are changing this narrative by using the available resources for their development. A recent study found that over 50% of black investors showed a higher inclination to utilize social media groups or message boards for obtaining investment information, whereas only 25% of white investors exhibited a similar preference. These tools make researching, critically assessing, and buying shares easier. 

Dry January’s Silver Lining For The Alcohol Industry

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Every New Year, millions of people around the world embark on a month-long journey of self-improvement. One of the most popular initiatives is ‘Dry January’, a trend that encourages participants to abstain from alcohol for the entire month. After all, a significant portion of alcohol companies' consumer base abstaining from alcohol for an entire month could potentially lead to a significant dip in sales. While Dry January might seem like a sobering time for the alcohol industry, it's far from a financial dry spell. 

The Spotify Effect On Afrobeats' Global Rise To Prominence

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Spotify's (SPOT +0.05%) strategic foray into Nigeria and subsequent support of the Afrobeats genre has significantly impacted its global perception and reach. Afrobeats has emerged as a dynamic and distinct genre that represents African creativity and talent on a global scale. Even though Spotify officially entered the African market in 2021, it's already a genre to watch out for. In 2022, Nigerian artistes collectively earned a substantial $14 billion solely from Spotify's revenue.

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. 

Vibes of the Week

“Where Do We Go from Here?” Good question from Lil Nas X as Blacks take over the stock market. Get into it in our CBX Vibes!