Launch of The Black Pound Report
(Image: SocialMedia UK)
The Black Pound Report (2022), authored by Lydia Amoah (pictured), is a comprehensive and insightful examination of the economic impact and potential of the Black Pound movement. The report delves into the historical context, challenges faced by Black-owned businesses, and the transformative power of supporting Black entrepreneurs.
Amoah's report highlights the significance of the Black Pound as a catalyst for economic change and empowerment within the Black community. It sheds light on the systemic barriers that Black entrepreneurs often face and emphasises the need for equitable access to resources, funding and opportunities.
Consumers from multi-ethnic backgrounds spend 25% more on health and beauty products than any other consumer, with 22% needing to go to specialist shops – rising to 30% for black women - to buy health and beauty items.
The report provides valuable statistics and data that illustrate the economic potential of supporting Black-owned businesses.
One of the notable strengths of the report is its emphasis on the cultural significance of the Black Pound. Amoah highlights how supporting Black-owned businesses goes beyond financial transactions and plays a vital role in celebrating and preserving Black culture, creativity, and entrepreneurship.
By highlighting the importance of cultural representation and inclusivity, the report showcases the transformative impact of the Black Pound movement.
Furthermore, the report offers actionable insights and recommendations for individuals, corporations, and policymakers to promote economic equity and support Black-owned businesses. It encourages collaboration, partnerships, and initiatives that can help bridge the existing gaps and create a more inclusive and thriving business ecosystem.
The Black Pound Report also explained how brands could appeal to BAME consumers by being more inclusive, and thinking about diversity in their product creation and advertising
A total of 93% of multi-ethnic consumers think brands have a responsibility to approach diversity and inclusion, compared to 74% of those from a white background. Diversity in advertising is three times more important to multi-ethnic consumers (24%) than white consumers (8%).
Overall, the Black Pound Report by Lydia Amoah is an important contribution to the discourse surrounding economic empowerment and social justice. It presents a compelling case for supporting Black-owned businesses and highlights the far-reaching impact of the Black Pound movement.
Notably Big British businesses are losing out on billions of pounds by “overlooking” BAME consumers. The Report found that disposable income worth up to £4.5 billon is being “ignored” by big businesses
It said multi-ethnic consumers are spending £230m every month on health and beauty, but nearly four in 10 black women shoppers still find it difficult to buy cosmetics and skin care.
According to the research, consumers from multi-ethnic backgrounds spend 25% more on health and beauty products than any other consumer, with 22% needing to go to specialist shops – rising to 30% for black women - to buy health and beauty items.
Through its well-researched content and actionable recommendations, the report serves as a valuable resource for individuals and companies seeking to make a positive difference in creating a more equitable and prosperous society.
Have you had the opportunity to read the Black Pound Report? Share your thoughts and insights on the report and the impact of the Black Pound movement. Let us know your perspective and any additional observations in the comments below.