CBX Daily 9/13/2024

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CultureBanx Team
September 13, 2024

Today, corporate activism requires direction, but let’s start with how businesses are underestimating black economic connection…

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Unpacking 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 2019, 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.

Solutions For Corporate America's Ethical Dilemma To Social Activism

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Social activism has emerged as a powerful intersection of business and culture, reflecting a growing trend where companies are expected to engage in sociopolitical issues. This movement gained significant momentum after George Floyd’s tragic death in 2020, which spurred many corporations to voice support for social justice causes. However, the landscape is shifting, revealing both challenges and opportunities for businesses navigating this complex terrain.

The Music Industry Is Hitting High Notes In Tourism

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If your favorite artist was in a town near you, would you travel to see them perform live? If yes, then you've successfully contributed to the rise in music tourism. Travelling to attend music-related events, such as concerts, festivals, or tours not only provides a boost to the local economy but also helps promote cultural exchange and appreciation of music. To put it into perspective, the U.S. alone had a 31% increase in international visitors in 2023 bringing the total to 66.5 million visitors.

Tune-in Tuesdays!

With the UK facing record-high inflation rates, the economic climate feels increasingly turbulent. How do you see the future unfolding?

A. "Here comes the Sun" by The Beatles – Is there hope for a brighter economic outlook?
B. "Stormy Weather" by Etta James – Are we bracing for continued financial turbulence?
C. "Don’t Stop Believin’" by Journey – Should we stay hopeful for recovery and stability?

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

A  |  B  |  C

Login or Subscribe to participate in polls.

Will Buying Now, Paying Later Help Raise People’s Credit Scores?

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With the rising cost of goods, people may feel that Buy Now Pay Later (BNPL) plans can help them buy products they need. Black (46%) and Hispanic/Latino (56%) communities have adopted using BNPL platforms at higher rates within the last year. Though most make their payments on time, the majority of people who use BNPL plans are in debt. Although these plans boast being able to help individuals raise their credit scores, many users do not access these plans for this feature. 

Female Angel Investors Are Rewriting The Venture Capital Playbook

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Amid the hurdles and slow rebound from the 2021 highs, a notable and steady expansion has occurred in one segment of the venture capital market: The involvement of female angel investors. Data from the University of New Hampshire's Center for Venture Research reveals that the presence of women in angel investing has been on a consistent upward trajectory over the past three years who now represent nearly 50% of the angel investing community. This indicates a major change in an area traditionally dominated by men.

Vibes of the Week

Black spenders to businesses: "Can’t Hold Me Down " reinforced by Lil Wayne, Lil Yachty, Pharrell Williams, Doodles, and Kyle Richh in our CBX Vibes!