The Power of the Purse

by | Jul 7, 2020

(Photo courtesy cnbcfm.com)

Today is #BlackOutDay2020, a call to action and โ€œday of solidarity in America where not one Black person in America spends a dollar.”

On July 7, Black American consumers are showcasing their combined economic might by refusing to spend any money on anything at all. Those who have to buy something are being encouraged to spend their money at Black-owned businesses.

ย The campaign was started by activist Calvin Martyr to use the power of the purse in order to draw attention to the need for equal financial and economic opportunity for Black Americans. Major companies like Procter & Gamble and Cisco Systems have expressed support for the initiative on social media.

ย Black-owned banks are also encouraging the economic movement. Kevin Cohee, the CEO of OneUnited, one of 21 Black-owned banks in the US, said he felt compelled to galvanize the community and allies in support of buying from Black-owned businesses. “We need to use our power โ€“ both our spending power, our vote, and our voice โ€“ to demand criminal justice reform and to address income inequality,” Cohee said.

ย The impact the Blackout Day movement will have on the retail sector is unknown, but some experts believe it will increase over time with awareness and participation if it becomes an annual or otherwise more frequent event.

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