Today marks the start of an initiative created by So Solid Crew Member Swiss on the back the death of George Floyd and the uprising of the Black Lives Matter movement. Black Pound Day as described by Swiss is a way of repurposing the energy brought about by the recent racial injustices that have occurred and turning it into something that can positively benefit the Black community.
Black businesses exist in many different markets including Fashion, Hair & Makeup and fitness. However, even with the existence of black businesses, the spending of black people has generally not been within the black community. It has been reported that approximately 95% of money spent by the black community is actually spent OUTSIDE the community and with BME purchasing power at a whopping £300 Billion as reported by IPA Multicultural Britain (2012), that means that approximately £285 Billion is being spent outside the black community and only £15 billion being spent inside of it. In isolation £15 billion is a lot of money but when compared to the total amount of spending power that is being spent elsewhere, it’s clear to see that more work needs to be done by consumers in investing in black businesses and also by black businesses themselves ensuring that they create sustainable businesses that can withstand the tests of time.
Black Pound Day is a day that pushes that ideal and encourages people to spend on black businesses and like Black Lives Matter should be a movement, not a moment. Swiss when talking about the purpose of Black Pound Day within a caption of one of his Instagram pictures, also said this:
“The vision of Black Pound Day is to empower the community to create a new economy which will, in turn, underpin our long-term financial growth and infrastructure.”
Black Pound Day will be celebrated once a month and will require you to do these 5 things to show your support for the movement:
- Buy from any black-owned business.
- Take a picture of your purchase.
- Post and Hashtag #BlackPoundDay
- Share Your experience on socials (Important to note for black businesses, ensure your customer service is good! This isn’t a day for you to get away with poor customer service for the sake of some money).
- Recommend the business to a friend.
Be sure to follow Swiss on his Instagram page @swissworld_ to stay updated on all things relating to the Black Pound Day Movement.
Written by Lore Adekeye. Social Media Handles: @loreadekeye (twitter) / @shemz_nl (Instagram).