CBX Daily 8/2/2024

Author

Ariel Solomon
August 02, 2024

Today diverse consumers make the market’s case, but let’s start with how Crypto is shaping votes…

Cultural Intelligence Download

Meet The Crypto Campaign Architects In The U.S. 2024 Election

CBX Vibe

This political cycle, crypto has become a bipartisan issue which may help determine the future of American leadership. Emerging from the shadows of America’s worries over: inflation, the value of the dollar, and geopolitical concerns, crypto is being embraced by Americans for its transparency, digital viability, and capped supply. According to the Crypto Council for Innovation, eight in ten crypto voters say that a “candidate’s position on cryptocurrency matters” and an 83% supermajority say they prefer a candidate who has clear rules for cryptocurrency and its investment.

Multicultural Ad Spending Matters As Diverse Consumers Control Buying Power

CBX Vibe:

Multicultural groups' consumer spending power is growing, despite industry ad spending not reflecting this power. It’s time for brands to get on board because nearly $1 out of every $5.75 of buying power in the U.S. belongs to an African American, Asian-American or Native American households. This is a significant shift from 2000 when that number was only 66 cents. Let’s take a look into the burgeoning importance of multicultural ad spending and its role in securing diverse customers.

ChatGPT And Google’s Bard Challenge Health Disparities For Black Patients

CBX Vibe:

We can agree that all of humanity stands to gain if AI provides accurate and unbiased healthcare solutions, ultimately unlocking new ways to detect and fight disease. However, a recent Stanford study revealed ChatGPT and Google’s Bard answer medical questions with racist, debunked theories that harm Black patients. These tools have proven effective in business by reducing operational costs and increasing efficiencies, but also have the potential to worsen health disparities for African Americans.

Is Your Data Fueling Price Hikes? FTC Launches Crackdown

CBX Vibe:

In a fair world, the pricing of goods and services should be built on transparency, equity and fairness. But because fairness is something we have to fight for, some eight companies are not playing fair and using your data to inflate prices. The Federal Trade Commission (FTC) is looking into claims that these companies, including MasterCard, McDonalds and Starbucks are using surveillance pricing to adjust prices quickly, potentially impacting consumer privacy, competition, and protection.

Luxury Retail Dominance Ramps Up With Saks Buyout Of Neiman Marcus

CBX Vibe:

Saks Fifth Avenue has set its affluent sights on Neiman Marcus Group to tighten its stronghold in the retail market. A $2.65 billion deal is being drawn up by Saks Fifth parent company to buy its deluxe rival Neiman Marcus Group, which owns Neiman Marcus and the Bergdorf Goodman brand. The deal will be made even sweeter by an injection of cash from Amazon and Salesforce who will hold a minority stake too. This comes after sales in the retail industry dropped by 0.8% in Jan 2024 signaling shoppers’ financial constraints.

Vibes of the Week

This U.S election is ”One Bad Decision” away if you don’t stand for something. Mustard, Ella Mai and Roddy Ricch are the trio we didn’t know we needed in our CBX Vibes!