African American Spending Study...Tell these people to get a Life!!!!!

Next time you see that 'player of the year' flawsin' in that 2008 Chrysler 300 sittin' on 26's while he's pulling it into a parking stall of a rented apartment hand him this article.

USA Today article on Black Spending Habits: These are tough economic times, especially for African-Americans, for whom the unemployment rate is more than 10%. Alarmingly, rather than belt-tightening, the response has been to spend more. In many poor neighborhoods, one is likely to notice satellite dishes and expensive new cars.

According to Target Market, a company that tracks black consumer spending, blacks spends a significant amount of their income on depreciable products. In 2002, the year the economy nose-dived; we spent $22.9 billion ($22,900,000,000.00) on clothe s, $3.2 billion ($3,200,000,000.00) on electronics and $11.6 billion (11,600,000,000.00) on furniture to put into homes that, in many cases, were rented.

Among our favorite purchases are cars and liquor. Blacks make up only 12% of the U.S. population yet account for 30% of the country's Scotch consumption. Detroit , 80% black, is the world's No.1 market for Cognac (Pass the Courvoisier). Detroit is also the number one crime city of America .

So impressed was Lincoln with the $46.7 billion ($46,000,000,000) that blacks spent on cars that the automaker commissioned Sean 'P. Diddy' Combs, the entertainment and fashion mogul, to design a limited-edition Navigator complete with six plasma screens, three DVD players and a Sony PlayStation2. The only area where blacks seem to be cutting back on spending is books; total purchases have gone from a high of $356 million in 2000 to $303 million in 2002. This short-sighted behavior, motivated by a desire for instant gratification and social acceptance, comes at the expense of our future.

The National Urban League's 'State of Black America 2004' report found that fewer than 50% of black families owned their homes compared with more than 70% of whites. According to published reports, the Ariel Mutual Funds/Charles Schwab, 2003 Black Investor Survey found that when comparing households where blacks and whites had roughly the same household incomes, whites saved nearly 20% more each month for retirement, and 30% of African-Americans earning $100,000 a year had less than $5,000 in retirement savings.

While 79% of whites invest in the stock market, only 61% of African-Americans do. Certainly, higher rates of unemployment, income disparity and credit discrimination are financial impediments to the economic vitality of blacks, but so are our consumer tastes. By finding the courage to change our spending habits, we might be surprised at how far the $631 billion ($631,000,000,000.00) we now earn might take us.

We all send thousands of jokes through e-mail without a second thought, but when it comes to sending messages regarding life-affirming choices, people think twice about sharing. So, if you're led to do so, please pass this on. Knowledge is POWER!

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While this is so true...let’s hear about the good that the African Americans are out there are doing. It’s a lot of Successful African Americans (that are not celebrities) that are constantly giving back to the communities as well as to the economy. If they are not giving back they are actually doing the footwork to uplift their communities to try and stop all of the stereotypical things that are being said. They’re 3000+ sistas that are doing their thing that is apart of a social networking group that is specifically geared to that cause ( them Out their called Black Business Women Online. But we don’t hear about them…

We need to start a Target Group to track the spending on Caucasians. Let’s track what they are spending their money on! White folks don’t have anything else to do but worry about us…get a life!

We need to ask all the drug dealers who makes them richer (the weed heads or the pill poppers?). I know for a fact that a large percentage of the cocaine users are Caucasian. And so are the Meth users. And if they are not addicted to that “white girl” then they are addicted to Prescription medicine that they steal from the hospitals. Let’s do a poll on how much money they spend on beer (Bud Light). Let’s do a poll on who commits the most Fraud and get away with it. Let’s do a poll on who spends the most on going out to eat. Let’s take it even further…Let’s do a poll and see who is mostly like to be a serial killer. Let’s do a poll on who is more likely to commit suicide. What about all of the “White Collared” crimes and embezzlements. And let’s not forget the school shootings!!!! I can go on and on and on about them and provide factual information but Why? What would it prove? Because they are still going to be who they are (and get away with it) and we are going to be who we are. And not only that all of them are not that way.

White folks floss just as much as the Black folks and are the biggest pretenders but no one tracks that. And in 10 years they will be the Minority because the Latinos are going to take over! If you agree with me pass this on. How about that…..
I was Vexed when I first read about this..I read this before but for some reason it struck a nerve today....Sheneal you are right...I like your approach.... :)
Twana - Please do a survey on the facts mentioned below and post it.
This may have truth, or may not. Possibly more truth then non-truth. Yet, what about all the positive things we as a race of people do, say and purchase. Our money is not only spent on things we desire, our money is also spent on things that we need, investments, helping our families, friends, supporting our churches, etc. The majority of the sisters and brothers that spend their money on luxury things or over priced "wants” are the same individuals that are willing to stand and support a positive cause as well.

I personally do not have an issue with or concerning how an individual of color spends their money, as long as he or she takes care of what or who is important, pay their bills and provide for their family. If he or she is single, then again as long as they take care of their priorities and themselves then, whatever else they spend their money on is their business. We as individuals place a great deal of energy into looking and focusing on the negative and not enough attention on the positive....................................AS A OBAMA SUPPORTER, LOOK HOW HE HAS BEEN CONTANTLY DRAGGED THROUGH THE MUD......BUT YOU VERY SELDOM HERE THE POSITIVE. HELL, HE WAS CRITICIZED FOR NOT OVER SPENDING DURING THIS JOURNEY. I feel it is bible to say from my life experiences that no matter what we as a race/culture of people set out to do, we must go the extra mile. As stated in the book of Jabez, we must be a "gimper” Which is the person that does all that is expected, plus some. Only in our case as a people, enough is never good enough,,,,,,,,,,,,,,, nor is it enough. WE SAY, THEY SAY, it is not about RACE,,,,,,,,,,,,,,Yet,,,,,,,realistically….IT IS

We must stay strong
We must stay focused
We must stay in the spirit
We must forever remember we are the chosen race.... from the tribe of JUDAH...We must hang in there!!
All the points are valid on this issue, however I feel that bringing issues like this are important for educating our youth. Many people today don't understand how we can spend our money while still enjoying some fancy keeping a watchful eye on our future.
Tough, as it may sound it is needed, We don't need to fix what is right.
I wanted to watch the CNN special report series on being black in america...tonight and tomorrow night.7/23/08 and 7/24/08. Why did it take the media 40 years to want a report card on how things are "better" in the US...I really wanted to see it because I think they interview some celebrities, Vanessa Williams is who I wanted to see...because as a kid I can still remember how she won the Pageant and then they took her crown away over some modeling pictures.
what they need to research and track they don't for example....the below link was from 2005 and related videos on the same link check out Bill Cosby ...a boy like me video. and a response to a girl like me....

now the very last link checkout the homepage CLOSELY then checkout the left side available choices
i read some of the rants and vents....very very sad because this camed from a black person who hate their own race
montel did a show...part of it is on youtube
and this year all the racial comments in the media aired on fox about obama mama,lynching michelle,terrorist jabs,obama assassination and fox accidentally leaked rev. jesse jackson comment with closed caption...just checkout you tube and read the comments some are so offensive to think this is what people really think...
I forgot to mention cases like Gernalow Wilson going to jail sentenced for 10yrs freed after serving 2yrs...
is there a statistic on that?
I agree but Everything projected in the CNN special was factual and known. Other cultures may not have known that African American males have a 1-in-40 chance of becoming a homicide victim. But as mothers with sons who live in cities like Detroit, Miami, or LA understand that because of the crime, our child may fall as a victim to this horrific crime. My position is what are we going to do about the AIDS epidemic in the African American Female Community? What are we going to do about all of the single mothers having to raise children by themselves? What are we going to do about the percentage of males that don't finish highschool? Now that we know there are problems what are we going to do as a people to CHANGE or provide a solution to these problems? That's what the special should have been about...

Thanks for the information by the way....
Hi Twana, I looooovvvveee your viewpoints and your concern for the future of our youth! I also wonder what is being done to help the single parent and the communities with high crime rates, reduce statistics and more, instead of building more jails and prisons, how about more after school programs and family orientated programs, I believe that is an area of opportunity and if we all come together we can tackle this issue for a safer tomorrow. One by one lets start making smarter choices, better eating habits to live longer, better spending habits and on and on. Each one teach one..lets become the change we want to see!

Then what will they say?!.
I understand the anger, but truth is truth. More than a few stats have proven that African-Americans are into consumerism. Yes, folks can spend their money anyway they like. But this is why when we need major money raised we're talking about going somewhere else (other than us) to get it: we look for grants, sell chicken dinners, have a car wash, etc. Having worked with AA non-profits and churches I can tell you that for all those fancy cars pulling up to parking lots to attend functions there is very little real economic power to raise substantial funds to put forth an initiative. Why? Because we have trouble raising money among ourselves. Now that's my experience. Sure we work hard to do great things. We can raise a few thousand dollars in a pinch. But unless and until we change some basic spending patterns as an entire community we'll always a borrower not a lender be. I love my people, but we can share the wonderful and the "what needs to change" as well.
This maybe the Truth Lynn, but I feel like because we are the minority, anything negative we do is always emphasized and focused upon. Everyone in this world has their cross to bear or has an issue that they need to work on but constantly we are looked down upon because of "other black folks decision" (and there are ignorant people in every race). I have never judged any race based on thier culture or stereotype. Everything that I listed about Caucasians are all factual and could be found in Criminal Behavior~A Psychosocial Approach 7th Edition (by: Curt R. Bartol & Anne M. Bartol)
Some of the things that is said about African Americans may be true but it's 's not right and it's not fair that we as blacks have been struggling & defending who we are our entire lives. Whatever the media projects is how the world is influenced and if blacks are continously portrayed negatively, that's how people will always think of us. The flip side of negative is positive and I just want the positive demonstrated a little more in the media and amongst ourselves. That alone will display change and outshine the negative.


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