Tagged: consumers

Consumers Feedback On Buying Black

According to the United States Census Bureau, there has been a significant increase in the number of Black-owned businesses at triple the national rate. These numbers were gathered from the, Survey of Business Owners, which is conducted every five years. Although Black-owned businesses have increased in the United States, the amount of receipts generated by these businesses has declined. In Jim Clingman’s article, The Mythical Black Economy, he found that the average gross receipts for Black-owned businesses decreased by 3 percent, from $74,000 per firm in 2002 to $72,000 per firm in 2007.

It is important to address the issue regarding the lack of support for Black businesses in the United States. In a recent survey, Supporting Black Owned Businesses, the results show that roughly 33 percent of the respondents are aware of the Black-owned businesses within their community. Results further show that, individuals seldom patronized at Black establishments. Also, when asked about their shopping experiences with Black businesses, most respondents chose that they occasionally receive superb customer service and feel as though the products or goods that are offered are rarely priced fairly. Outcomes from the survey also show that nearly all respondents do not feel obligated to support Black businesses if the customer service is substandard. However, 100 percent of the respondents reported that it is very important for African Americans to support Black-owned businesses.

Below, Representative Joyce Beatty discusses the importance of entrepreneurship within the Black community and the need of support for small businesses and minority-owned businesses.