CBX Daily 9/16/2024

Author

Keyanna Harper
September 16, 2024

Today, black economic power requires correction, but let’s start with how art auctions are shrinking in black selection…

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Art Collectors Trimming Their Colorful Portfolios Amid The Shifting Market

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Art collectors are adjusting their investment strategies downwards because of the unpredictable and ongoing economic changes. 2023 saw them slash their investment portfolios to 19% from 24% in 2022. This takes a toll on the already declining Black artists' representation in global auction sales which currently stands at at 1.9% from 2008 to mid-2022.

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.

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.

The Music Industry Is Hitting High Notes In Tourism

CBX Vibe:

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.

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

CBX Vibe:

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. 

Vibes of the Week

Black art remains underrepresented and could be "Dancing In The Flames " as The Weeknd tells it in our CBX Vibes!