For years Georgia has seen a multitude of black success. Centering in Atlanta, African Americans have succeeded in business from Tyler Perry’s studios to the Black Beauty Institute that strives to encourage more African Americans to take ownership of black beauty supply stores. Although the black community may have seen a dip in its economic stronghold during the recession, a new report shows that African Americans are bouncing back.
According to Public Broadcasting Atlanta, Georgia is the fifth largest African American Consumer Market in the US. A new report from the University of Georgia observes that the numbers have seen a growth. UGA’s director of economic forecasting, Jeff Humphreys says that black buying power has increased from $66 billion in 2010, to $73 billion a year. Black Georgian consumers spend 22 cents of every dollar compared to 8.5 cents nationwide.
He attributes the increase to several factors, including population growth, higher education and entrepreneurship among African Americans living in Georgia.
“So this is a very compelling market for companies targeting African-American consumers, whether with existing products, product development or advertising,” Humphreys said to Public Broadcasting Atlanta.
Now that African Americans in Georgia have the buying power, let’s hope they’re spending the money in the right way with black businesses so that the money stays in the community.