CBX Daily 6/20/2024

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CultureBanx Team
June 20, 2024

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Today migrants are scaling America’s job surge in a new tale, but let’s start with how Black-owned luxury resale is breaking the billion-dollar scales…

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Black-owned Luxury Resale Is Tapping Into The $68 Billion Market

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We see flashy luxury staples on our favorite rappers, athletes, and influencers. They are draped with logos and bling while they hop into their uber-expensive Italian vehicles. Balenciaga, Chanel, and Dior are luxury brands, among others, that make up the 2022 $331.6 billion market, expected to reach $429.4 billion by 2028. The concept of ‘Conspicuous Consumption’ which is the consumption of luxuries to enhance one’s prestige could be supporting more Black-owned luxury brands to get a bigger piece of the retail pie. 

How Migrant Muscles Are Fueling America's Job Surge

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When you think of immigrants, you're probably thinking of the less fortunate, minority and underrepresented people. And its true, they often face challenges such as language barriers, discrimination, and lack of access to healthcare. However for the U.S, this is a group that is literally the cornerstone of growth and success holding their economy together. Birth rates in the U.S have significantly gone down to 2% leaving employers seeking for employees. However with the entry of migrant workers, the labor force has seen a boost and is projected to hit 5.2 million people in the next decade.

Older Americans Stand Strong Amidst A Retirement Crisis

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Amid growing economic and political uncertainties and the escalating cost of living, a new survey reveals disturbing insights into the retirement expectations and financial anxieties of older Americans. About one-quarter of U.S. adults age 50 and older who are not yet retired say they expect to never retire. Another 70% are concerned about prices rising faster than their income, an AARP survey finds. These statistics underscore the severity of an imploding system on the brink of a full-blown retirement crisis, demanding accountability.  

AI-ighty Potential

Dubbed the "the rocket fuel of AI" by Wired, this groundbreaking innovation has sparked fervent excitement across Wall Street. And with projections soaring to a potential market cap of $17 trillion – equivalent to 9 Amazons – the magnitude of its impact cannot be overstated.

And thanks to The Motley Fool, the full narrative of this extraordinary tech trend has been compiled into an exclusive report, designed to arm you with the insights needed to make informed investment decisions.

Workforce Automation Is Exacerbating The Racial Wealth Gap

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For generations of workers displacement has been a normal albeit unequal process, now technology is adding another layer to the mix. Workplace automation presents the larger society with a conundrum, as A.I. is set to upend companies, leaving African Americans especially vulnerable. Nearly 4.5 million African Americans in the next 10 years could lose their jobs due to automaton. Is it possible this business impediment will lead to more income inequality and is there anything that can be done about it?

Boardroom Battle: Warren Buffet's Berkshire Hathaway Shareholders Aim To Nix Diversity

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Despite the flurry of corporate promises in 2020, particularly in the wake of George Floyd’s murder, professionals in the DEI space expressed concerns about the authenticity of these commitments. Yet, Berkshire Hathaway’s board’s recent rejection of six proposals addressing climate change, diversity, and inclusion further highlights the disconnect between corporate rhetoric and action. Further, the alarming drop in backing for racial equity/civil rights audits from 46% in 2022 to 22% in 2023 signals a concerning trend and threatens any advancements on DEI initiatives.

Vibes of the Week

It can be “All Yours” as Blacks are taking over the resale market. Normani is back and in a big way. Get into it in our CBX Vibes!