The Economics of the Holiday Season: A Guide for Black Business Owners

The holiday season is an important time for businesses, especially for Black business owners aiming to capitalize on increased consumer spending while staying mindful of market dynamics. DC Black MBA logo ” data-image-caption data-medium-file=”https://i0.wp.com/www.washingtoninformer.com/wp-content/uploads/2023/05/image-91.jpg?fit=275%2C300&ssl=1″ data-large-file=”https://i0.wp.com/www.washingtoninformer.com/wp-content/uploads/2023/05/image-91.jpg?fit=400%2C436&ssl=1″ src=”https://i0.wp.com/www.washingtoninformer.com/wp-content/uploads/2023/05/image-91.jpg?resize=400%2C436&ssl=1″ alt class=”wp-image-1185818″ srcset=”https://i0.wp.com/www.washingtoninformer.com/wp-content/uploads/2023/05/image-91.jpg?w=400&ssl=1 400w, https://i0.wp.com/www.washingtoninformer.com/wp-content/uploads/2023/05/image-91.jpg?resize=275%2C300&ssl=1 275w, https://i0.wp.com/www.washingtoninformer.com/wp-content/uploads/2023/05/image-91.jpg?resize=138%2C150&ssl=1 138w, https://i0.wp.com/www.washingtoninformer.com/wp-content/uploads/2023/05/image-91.jpg?w=370&ssl=1 370w” sizes=”(max-width: 400px) 100vw, 400px”> From November to December, consumers are estimated to spend billions on gifts, experiences, and holiday preparations. For Black entrepreneurs, understanding the economic forces at play and strategically positioning your business can make this season a revenue-generating powerhouse. 1. The Holiday Season Boom: A Data Snapshot @media ( min-width: 300px ){.newspack_global_ad.scaip-1{min-height: 100px;}}@media ( min-width: 400px ){.newspack_global_ad.scaip-1{min-height: 100px;}}@media ( min-width: 640px ){.newspack_global_ad.scaip-1{min-height: 100px;}}@media ( min-width: 728px ){.newspack_global_ad.scaip-1{min-height: 100px;}} According to the National Retail Federation, holiday retail sales in the United States reached over $950 billion in 2023, with online sales accounting for nearly 20% of that figure. Black-owned businesses can tap into this expanding market by offering unique products and services that cater to niche audiences. Additionally, platforms like Small Business Saturday and Black-owned business directories offer opportunities to stand out during this crowded season. 2. Consumer Trends: What Black-Owned Businesses Should Know Support for Black-Owned Brands: Recent years have seen a...