Black Spending Power: The Face of the "Second Diaspora"

ImageThis is the third article in a series of articles about connecting Black consumers and entrepreneurs more effectively. In this article we describe "The Face of the Second Diaspora."
 
The Second Diaspora Initiative seeks to connect the dots and mobilize the Virtual Black Community to have a greater impact across the entire community.

 

The Blacks who are representative of the Second Diaspora have the spending power to make a significant economic and social impact on the progress of African Americans. 

The Face of the "Second Diaspora"

  • Upwardly mobile
  • Higher income
  • Better educated
  • Entrepreneurs
  • Still want to help their less well off Black cousins.
Often, those who have benefited most from upward mobility are overlooked when talking about Black Spending Power. According to the 2010 census,  32.2% of Black households are solidly middle class: 15.2% earn between $50,000 and $75,000, 7.6% earn between $75,000 and $100,000, and 9.4% earn more than $100,000.  An additional 27.3% of Black households earn an income between $25,000 and $50,000. This places approximately 60% of Black households in the target audience of the Second Diaspora Initiative.
These income earners have more discretionary income, but are more difficult to reach because they are not concentrated in easily identified communities. The Second Diaspora Initiative seeks to reach this target audience, and leverage their leadership in gaining more from our spending power.

Upwardly mobile members of the African Diaspora have been striving for progress in the U.S. Society since our emancipation.  These efforts have included the work of abolitionists who helped bring about emancipation, followed by educators, politicians, philanthropists, and supporters of full inclusion in this society whose efforts have resulted in significant progress for a small segment of the Black community.  There is, however, a persistent achievement gap in every measure of advancement in US society - education, employment, business ownership, and wealth accumulation.  

 

The structural inequalities resulting from 400 years of enslavement have provided an advantage for those who have inherited the privileges of our past history of slavery.  This has basically placed every African American at a disadvantage at the starting line of participation in pursuing the full benefits of being an American citizen.  Those who have advanced have done so through the extraordinary effort that is necessary from anyone who finds themselves behind their competition in any arena.    

 

The Civil Rights Movement that spawned the Second Diaspora helped some to achieve at the highest levels in business, entertainment, sports, and politics - including being elected to President of the USA.  While some would suggest this is the beginning of a post racial era, there is a compelling need for"self-help" activities within the Black community to continue the advancement of high achievers, and to develop a pipeline for others to succeed.  Affirmative action programs and other government-led initiatives are diminishing.  

 

There is an opportunity for the Second Diaspora Initiative to solidify the gains made and develop the next generation of achievers.  This requires a more collaborative effort across all segments of our community.  We can no longer rely on outside assistance as the primary driver of our progress.

 

This is not a call for separation from the mainstream.  Rather, it is an effort to strengthen the capacity to become stronger participants in the prosperity of our nation.  The Second Diaspora Initiative seeks to connect the dots and mobilize the Virtual Black Community to have a greater impact across the entire community.

When we speak about Black Spending Power, it is important that we take advantage of new technology to compete more effectively for the increased spending of these upwardly mobile Black consumers.

  

Next week, I will discuss "Mobilizing the Virtual Black Community."  You don't want to miss that article.
 

Roger Madison, CEO

iZania, LLC

About.me 

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