On Friday October 20th, 2017 organizing students at North Carolina A&T hosted it’s self-owned business event titled: Aggie Market Friday. The purpose of this event was to help students market their own businesses, promote their products and to also bring an awareness to black-owned.
Currently, African-Americans, the identified “minority” has the highest spending power, helping other corporations, businesses, and family wealth grow besides their own. According to blackentrepreneur.com, below is the current statistics of “black buying power”.
“Black buying power continues to increase, rising from its current $1 trillion level to a forecasted $1.3 trillion by 2017. Black buying power has seen an 86 percent increase since 2000 and accounts for 8.7 percent of the nation’s total. The growth in black buying power stems in part from an increase in the number of black-owned businesses as well as from an uptick in education among the African-American population, which leads to higher incomes. Despite historically high unemployment rates, Blacks have shown resiliency in their ability to persevere as consumers.”
Here are some additional stats taken from the same site:
- No group watches more television than African-Americans (37% more) who lean heavily toward programming that includes diverse characters and casts. Black women watch more television than their male counterparts.
- Of the $75 billion spent on television, magazine, internet, and radio advertising, only $2.24 billion of it was spent with media focused on Black audiences. Black businesses, agencies and media continue to wrestle with this disparity as it is not reflective of the overall, high consumption patterns and behavioral trends of the Black consumer.
- Other demographic segments have identified Blacks as a driving force for popular culture, with 73% of Whites and 67% of Hispanics who believe Blacks influence mainstream American culture.
- The Black population grew 64% faster than the rest of the country since 2010, amassing a total of 43 million people; this includes individuals who are Black and another race.
- The reverse migration continues as younger, college-educated Black professionals head South. Entrepreneurs have an opportunity to develop a “southern strategy” to connect with the more than 10 million African-Americans in 10 key southern markets.
With these facts, there also leaves a wide racial wealth gap within the household.
So now you see it. The deeper stride to build the economic status of “Black”. We need HBCU’s to host events like “Aggie Market”, where we can inspire young black entrepreneurs to not only support their own businesses, but to keep their finances circulating in their own communities, before they go out to help build someone elses empire. Which the misnomered African-Americans have been doing since they fell to economic oppression.
Now back to the actual event.
It was a beautiful and successful Friday. There were 6 businesses in total vending at the event with products that included, natural products for hair and skin, self-made wigs, and cutom clothing designers.
Below are some of the featured vendors
– NoiaBrittany- shea butter
official website: noiabrittany.com
LuxeLooks- Custom Wigs
ShopBlvssom -natural skin care and custom clothing design
Also present in the event for the entertainment was the notorious DJ Kgrady.
We hope to see you vending/shopping at the next one! Peace & Love.
NC A&T is the largest HBCU in the nation and one of it’s many goals is to help striving students not only reach their potential, but surpass it with the unity of AggiePride.