THE PROBLEM
Except for Black people; all other racial groups in America practice group economics to some degree. The general white population recycles their dollar within their community for a minimum of eight to twelve times before it leaves their community's economic structure.
The Jews (which operate as a specific sub-category of white society) recycles the Jewish dollar 17 to 18 times before it leaves their community. The Asians recycle their dollar at least 12 times. However, the black dollar does not recycle once. On average, the black dollar remains in the black community for six hours.
Because of this economic reality, a wide variety of contemporary companies continually create marketing campaigns to effectively exploit this important segment of the U.S. consumer market. Keep in mind that; in the not too distant past, black consumers were ignored and not welcomed into the American marketplace.
According to the Nielsen Black Consumer Study released in September 2013, Black consumer spending remains at an all time high, outspending every other ethnic group in every category. While at the same time many American corporations display an alarming disregard for African/Indigenous culture.
Its also a widely known fact that the beauty supply industry is a $15 billion a year industry, and black people account for 96 percent of the revenue generated in this industry. This means that over $14 billion of this industry is controlled by black people, yet we currently represent less than three percent (3%) of the ownership in the industry.
And while more than 2.5 million businesses are owned and operated by Africans in America, only 109,137 (or 4 percent) have paid employees; a data point that highlights just how many black entrepreneurs are trying to run a business entirely by themselves. For comparison, there are 21.5 million businesses owned by white entrepreneurs, and 4.4 million (20 percent) have paid employees.
THE SOLUTION
Community Pooling Of Economic Resources
With a buying power of over $1 trillion; the African/Indigenous community needs to begin depositing a percentage of those dollars into Black-owned banks and the remaining percentage of those dollars spent with Black-owned businesses.
The RBG Loyalty Rewards Ministry is designed to build a productive and healthy relationship between African/Indigenous (Black) banks, businesses, and the community; despite our spiritual and religious differences.
Although African/Indigenous people are not capitalist by nature; the RBG Loyalty Rewards Ministry is a group economics ministry inspired by Dr. Claud Anderson who teaches African/Indigenous people how to develop economic empowerment within a society that is based on capitalism.
WHO MAY PARTAKE IN THIS SOLUTION
Doors are open to all who seek to support African/Indigenous ministries and businesses within the community; and seeks to empower the African/ Indigenous community as a whole.
CURRENT MINISTRY PROGRAMS
The RBG Loyalty Rewards Ministry has picked up the “POWERNOMICS” torch; as this ministry provides custom tailored programs for the African/ Indigenous community and marketplace. Some of the programs the RBG Loyalty Rewards Ministry offers are:
- RBG Loyalty Rewards Card
- Affinity Outreach Ministry
- Product Review
- & Much more …
THE POWER OF THE BLACK DOLLAR
Each year Black buying power continues to increase. The Black dollar was worth $1.4 trillion in 2019 but is forecasted (in a recent study by the Nielsen Company) that the buying power of African Americans will increase to $1.8 trillion by 2024.
"The black population is young, hip and highly influential. We are growing 64 percent faster than the general market," says Cheryl Pearson McNeil, a senior vice president at Nielsen. Pearson-McNeil says, “if you ignore this demographic, as many big companies have done, you do so at your own peril”.
