Do Black British Communities Have the Economic Power to Assert Change: Myth of Black Buying Power

For years, we’ve been told that Black economic freedom lies in how we spend our money in Black British Communities. The idea that Black communities can buy their way to liberation has been repeated so often it’s almost taken as fact. The notion that circulating the Black pound (or dollar or any currency we find at our disposal in the diaspora) within our own communities will somehow lead to collective financial independence is a seductive one. But what if it’s not true? What if it’s just another myth designed to make us focus on individual actions while ignoring systemic inequalities?

This is exactly what Professor Jared Ball argues in The Myth of Black Buying Power. His work challenges the popular belief that Black consumers hold over a trillion dollars in spending power. He makes it clear that consumer spending is not the same as wealth, and no amount of buying Black will change the structures that keep economic power concentrated in the hands of the few. It’s a hard pill to swallow because it contradicts so much of what we’ve been told about Black financial empowerment.

Here in the UK, these ideas have filtered into our communities too. Conversations around Black economics often focus on supporting Black businesses and keeping money within the community. While this is important, it doesn’t address the bigger issue: wealth is built through ownership, not spending. And ownership—whether of property, businesses, or other assets—is exactly what has been historically denied to Black people in Britain. No matter how much money we spend on Black-owned products at the foundational level we still have to spend money on macro needs i.e. land, property, insurance or rely on major investment which does not always come from Black investors.

When we look at the racial wealth gap in the UK, the numbers are stark. A report by the Runnymede Trust found that Black African and Caribbean households are disproportionately less likely to own property compared to their white counterparts. Without access to property, stocks, or other assets that appreciate over time, the ability to build generational wealth remains out of reach. So even if every Black person in Britain made the conscious effort to spend their money exclusively within the Black community, it wouldn’t change the fundamental barriers that prevent wealth accumulation.

Professor Ball argues that the myth of Black buying power distracts us from demanding real change—policy change, wealth redistribution, and systemic reform. If economic power was simply about spending, then communities that have high levels of consumption would also have high levels of wealth. But we know that’s not the case. Instead, the same systems that created racial economic disparities continue to reinforce them. This is why major corporations are so eager to push narratives about Black buying power—they benefit from Black spending, while we remain in the same economic position.

So where does this leave Black communities in Britain? If buying Black isn’t the answer, what is? The reality is, there’s no simple solution, but we do need to shift the conversation away from consumer habits and towards structural change. That means advocating for policies that address racial disparities in wages, housing, and business funding. It means challenging the institutions that continue to block Black people from accessing wealth-building opportunities. And crucially, it means recognising that collective liberation can’t come from individual spending choices alone.

This isn’t to say that supporting Black businesses doesn’t matter. It does. But it’s only one piece of a much bigger puzzle. A thriving Black economy requires more than just money circulating within the community—it requires access to capital, fair wages, and investment in long-term wealth-building strategies. Until these structural barriers are addressed, the idea that Black people can spend their way to financial freedom will remain just that—a myth.