In 2019, consumer spending contributed about 70%, or 13.28 trillion dollars, to the GDP of the United States. These expenditures were for durable goods like cars and furniture, non-durable goods like clothing and food, and services like health care and education.
Now, imagine the difference that would emerge in our society if that spending targeted women and minority-owned businesses. Your dollars are the single easiest way for you to affect change every day.
Why should you consider prioritizing shopping at women-owned businesses and shopping at minority-owned businesses? This article will walk you through 5 reasons why that’s an awesome use of your money and time.
Spend some time reading then get ready to spend some dollars at well-deserving shops. Let’s go!
Money Stays in Your Community
When you shop locally at women and minority-owned businesses, the money stays in your community. With search engines, it’s easier than ever to search and find “women owned businesses near me” or “minority-owned businesses near me”. You’ll often find curated lists that are tailored to your geographic location.
The more cash that flows in your community, the more money that’s available to support your community.
Helps to Close Wealth Gaps
Historically, there’s a gap between the earning power of a Black household vs. a White household or a female worker vs. a male worker. Your spending dollars are a ticket to help close that gap or widen it.
When women and minorities own businesses, it provides a sustainable path to close the wealth gap now and down the road for future generations.
Aids in Equitable Job Creation
Especially since the pandemic, the unemployment rate for women and Black and Brown folks is greater than the national average. Did you know that the majority of new jobs are formed by small business owners and entrepreneurs?
When you support minority and women-owned businesses, you give those people hiring power. In turn, they will often opt to hire people who are underrepresented in the labor force.
Encourages Entrepreneurial Equity
The two most common ways for people to source start-up capital to start a business are personal/family savings or business loans from financial institutions. We already talked about the ever-present wealth gap that exists. And business loans are rejected at twice the rate for Black-owned businesses than white business owners.
When you shop at women and minority-owned businesses. And you communicate your expectations to the world and to financial institutions. With your spending, you prove to banks that minority and women-owned businesses will thrive and are worth investing in.
You Get Unique Products
Finally, shopping at these stores gives you access to totally unique products. These are products with hearts that represent the culture or lived experiences of the business owners. So, you’re not just purchasing a product, you’re celebrating the diversity of those around you.
Go Out and Shop at Women And Minority-Owned Businesses
You’ve done enough reading. It’s time for some shopping. Grab your wallet and keys and find women and minority-owned businesses around you to support.
After your shopping spree, enrich your life further with more great articles. So, find them on our blog today!