By Earlene Greene
- 75% of 400 Black-owned businesses saw an uptick in Sales
- Yelp searches for Black-owned businesses increased by 3,085%
Following the death of George Floyd Americans have renewed their interest in supporting the economic advancement of African Americans, and amid online support, Black-owned businesses saw huge spikes. Some 75% of 400 Black-owned small businesses said they saw an uptick in business between June and the end of July, according to a survey from Groupon and the National Black Chamber of Commerce. For this moment to lead to lasting change, Americans are urged to put their money where their mouth is and continue in their conviction to realize racial equality, while shopping at Black-owned businesses.
Why This Matters: The rate of searches on Yelp for Black-owned businesses increased by 3,085%, in February 2021 compared to the same period the year prior. The surging interest is certainly welcomed, as the pandemic dug a deep hole for Black and other minority-owned businesses. These businesses have had to close their doors at more than twice the rate of their white counterparts. Active Black-owned businesses declined 41% vs. 17% for Whites from February 2020 to April 2020, according to one study looking at the pandemic’s initial shockwave. Additionally, eight out of ten Black-owned businesses typically fail within the first 18 months.
Black business leaders are hoping for a deeper commitment from customers and corporations to keep their companies in mind when they go shopping or search for a new service vendor. “There is definitely a more conscious and stronger sense of social equity,” said Larry Ivory, president and CEO of the Illinois State Black Chamber of Commerce, as well as the chair of the National Black Chamber of Commerce. Ivory is hopeful, “if ever there’s a time for progress, the time is now,” he said.
Situational Awareness: After the surge, sales at many Black-owned businesses have plummeted back to their pre-Covid-19 rates. The declining support is no surprise, but if Americans remain woke and not fickle in their support of Black-owned businesses, it will go a long way in helping to address racial inequities. Moreover, it will make buying Black the norm, and not a trend.
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