Black Friday, alongside Small Business Saturday and Cyber Monday, stands out as one of the biggest sales events in the United States. Each year, following Thanksgiving, retailers rake in billions of dollars in revenue as eager customers hunt for the best deals. As you embrace the festive shopping spirit, remember to lend your support to small businesses and Black-owned brands.
According to the Pew Research Center, nearly six in ten Black adults (58%) consider supporting Black businesses, commonly known as “buying Black,” as an extremely or very effective strategy for advancing equality for Black people in the United States. Despite the growth of Black-owned businesses in recent years, they still represent a small portion of the country’s overall number of firms and revenue, according to Pew Research Center’s analysis of Census Bureau data.
In 2020, there were an estimated 140,918 U.S. firms with majority Black or African American ownership, marking a 14% increase from 2017’s 124,004, according to the latest available data from the Census Bureau’s Annual Business Survey (ABS). These businesses generated an estimated $141.1 billion in gross revenue in 2020, reflecting an 11% increase since 2017.
Supporting Black-owned brands and businesses.
Many Black entrepreneurs establish businesses that draw inspiration from the richness of African-American culture, ranging from Black-owned clothing stores to hair care and makeup products, and even children’s toys. Some Black-owned businesses are created specifically to provide services tailored to the community’s needs, uplifting and instilling a sense of pride in the residents.
The U.S. Chamber of Commerce’s digital platform for small businesses, CO, is committed to assisting business owners throughout the U.S. in starting, running, and growing successful companies. They have compiled a list of Black-owned business directories to facilitate people in finding and connecting with more Black-owned businesses. The ultimate goal is to enhance the visibility of Black-owned small businesses and help conscious consumers engage with minority-owned brands.
Here are 5 Black-owned brands to shop on Black Friday.