Memphians are renowned for their grit, grind and hustle; for their undeniable drive to make life work for them and not the other way around. Yet, despite this, Memphis remains a highly impoverished city. We hustle, we grind, we fail. We get up the next morning and we hustle, we grind, but this time…we win.
We Buy Local…
Memphians are celebrated across the country for their hustle and denomination to improve their local community. However, most don’t know how to most effectively make the most positive economic, educational, and political impact for themselves and the community. The beginning to solving these complicated issues start simply with our own spending habits.
Over 70% of US GDP is consumer spending, but when consumers spend it on chain stores a staggering 86% of that money leaves Memphis. When we Memphians make a point to buy local? 48% stays in the city going to local families. And when they stay with local families? That money has the chance to circulate back around and affect even more local families, or even be invested into local businesses to help hire more Memphians.
…and We Buy Black
But why buy Black here in Memphis specifically? According to the 2018 census, 62.6% of Memphis is African American, yet Memphis Black unemployment is at a high of 6.7 while overall Memphis unemployment is only 3.9. This statistic is not only a representation of how the Black community is the largest community in Memphis, but also of harsh economic obstacles it faces.
Memphis is absolutely prepared to tackle this issue through its renowned and flourishing Black business culture. When assessed by the U.S. Census Bureau and the Kauffman Foundation’s 2017 Index of Startup Activity, Memphis was voted #1 for Black business in the US and #3 in 2018 by Black Enterprises and other outlets. Simply put: Quality Black businesses are ready to be explored everywhere in Memphis. And, with Black Businesses more likely to hire local and others in the local Black community, money goes home to families in the Memphis community – families that will spend it in our city.
Directing Memphis’ hard-earned money into quality local black businesses helps all Memphians become more economically empowered while also helping close the income gap.
Solve Memphis’ Economic Issues While Buying Quality Goods
When we #BuyBlackMemphis, we not only make a commitment to the local Black community, but we also make a promise to all of Memphis to help continue to develop and leave no neighbor behind.
Memphis has a long tradition of exceptional Black artists and professionals who through sweat and grind pour their hearts into the city. Let’s pour our hearts, and our dollars, back into our community by making a conscious decision to #BuyBlackMemphis through trusted online directories like MemphisBBD, the only online aggregate for elite Black business owners.