What Patti Labelle’s Sweet Potato Pies Say About Black Business & Purchasing Power?
No one in their right mind will turn down a slice of sweet potato pie. But are black owned businesses getting a good portion of the American money pie? Luckily, Blacks have enough purchasing power to make sure that they do.
For Thanksgiving, pie is a staple for black families… And let’s be real, not pumpkin pie — but sweet potato.
Sweet potato pie is a seasonal delicacy that you have to make your move on quickly. You don’t want your
cousins, nieces and nephews getting to it before you do.
That is why Patti Labelle’s Sweet Potato Pies are all the rage.
A young gentleman posted a video to social media raving about how good his Wal-Mart bought Patti Labelle Sweet Potato Pie was. Apparently, the pie was so good that he started singing like Patti! The video went viral and was viewed over 7 million times. And that’s when Patti Pies went flying off of the
Within days Patti sold thousands upon thousands of pies, all for about $3.48 each. And if you wanted to
get your hands on one good luck, you’d need to call around to every Walmart in town because they were
sold out (thank God I got my own Pat who can make delicious pies).
Now the Patti Pie sensation brings something to mind….
According to a Neilson study, African Americans make up a little over 13% of the population and we have
a purchasing power of 1.1 trillion dollars.
The black community puts a trillion dollars in the economy, however, a Pew Research tells us that the median Black net worth was $11,000 in 2013 compared to our White American counterparts who’s net worth was 12 times as much.
So who’s getting our money? We are spending tons of money but appear to be lacking in personal wealth. Are we supporting everyone else’s businesses but our own?
How we supported Patti’s sweet potato pies is an indicator that if we really want to help bring success to
the businesses in our communities we can. If we support more black-owned businesses we could see our money bounce from black family to black businesses multiple times before it has a chance to leave us. This would create a climate for more black-owned businesses to start and thrive. Consequently, we would be in better position to collect more wealth building assets.
I’m sure Patti’s pies are probably worth the hype. But let’s take note of what we did and use our purchasing power towards other black businesses that you know: Timmy’s tire shop, Robert’s ribs joint and Pam’s printing company need you. We can build each other up with our support… and we’ll reap a wealth of blessings in our own households by doing so.