2008 Woodie Awards
The Identity Crisis or Financial Crisis
Over Expenditures in Urban Communities
Latoya Marion
Issue date: 3/24/08 Section: Opinion
In 2006 The Review of Black Political Economy Journal reported that African Americans spend an average of $70 billion dollars yearly on clothes, sneakers, and other materialistic accessories. The term "getting fresh" has reciprocated and embedded itself in African American communities across the United States of America.
Individuals from toddlers to middle aged adults are victims of the highly addictive fashion frenzy. Famous designer names such as Coach, Rocawear, Gucci, and Prada, are popular necessities throughout urban communities.
The demand for African Americans to live lavish lifestyles infested with designer attire and footwear the likes of high paid celebrities, causes a plethora of financial debt. African Americans often spend money on items that they do not need. Many are walking billboards for an assortment of expensive designer labels.
On a beautiful day in a urban community, it is normal to routinely see youthful African American females sporting pinnacle brands as Chanel and Christian Dior while holding on tight to a $400 Gucci clutch, as well as authentic, Louis Vuitton handbags. And did I point out that $300 Coach pumps are a must? Georgio Armani shades and Tiffany bracelets can usually be found setting off any ensemble.
Ironically, there are extreme consequences that evolve from the pricy shopping sprees. In addition to living luxurious fashionable life-styles, African Americans have many other debts. Over the past decade, the number of African Americans enrolled in colleges and universities continues to grow as well as African American debt.
Studies from, The Black Collegian have proven that nearly 90 percent of African Americans carry some form of college debt. Unfortunately many African Americans fail to acknowledge the long term effects that this behavior will cause them. In 2002 the Census Bureau reported that the median net worth of the average Black household was less than $6,000. This means that African Americans as a whole barely made 7 percent of the $88,651 median wealth of their white counterpart.
In addition, research indicates that African Americans comprise approximately 13 percent of the total United States population and are responsible for consuming 23 percent more on their shoes than the population at large. Black females in particular, consume 26 percent more perfume than any other ethnic group of females.
Finally, Black males between the age of 13-24, who comprise less than 3 percent of the U.S population, purchase 10 percent of the $15 billion athletic shoe market, and more than 20 percent of Nike shoes. This statistics are considerably alarming and should be taken into consideration.
Individuals from toddlers to middle aged adults are victims of the highly addictive fashion frenzy. Famous designer names such as Coach, Rocawear, Gucci, and Prada, are popular necessities throughout urban communities.
The demand for African Americans to live lavish lifestyles infested with designer attire and footwear the likes of high paid celebrities, causes a plethora of financial debt. African Americans often spend money on items that they do not need. Many are walking billboards for an assortment of expensive designer labels.
On a beautiful day in a urban community, it is normal to routinely see youthful African American females sporting pinnacle brands as Chanel and Christian Dior while holding on tight to a $400 Gucci clutch, as well as authentic, Louis Vuitton handbags. And did I point out that $300 Coach pumps are a must? Georgio Armani shades and Tiffany bracelets can usually be found setting off any ensemble.
Ironically, there are extreme consequences that evolve from the pricy shopping sprees. In addition to living luxurious fashionable life-styles, African Americans have many other debts. Over the past decade, the number of African Americans enrolled in colleges and universities continues to grow as well as African American debt.
Studies from, The Black Collegian have proven that nearly 90 percent of African Americans carry some form of college debt. Unfortunately many African Americans fail to acknowledge the long term effects that this behavior will cause them. In 2002 the Census Bureau reported that the median net worth of the average Black household was less than $6,000. This means that African Americans as a whole barely made 7 percent of the $88,651 median wealth of their white counterpart.
In addition, research indicates that African Americans comprise approximately 13 percent of the total United States population and are responsible for consuming 23 percent more on their shoes than the population at large. Black females in particular, consume 26 percent more perfume than any other ethnic group of females.
Finally, Black males between the age of 13-24, who comprise less than 3 percent of the U.S population, purchase 10 percent of the $15 billion athletic shoe market, and more than 20 percent of Nike shoes. This statistics are considerably alarming and should be taken into consideration.
Viewing Comments 1 - 2 of 2
Lydia Osinowo
posted 3/26/08 @ 8:58 PM EST
This a very good article for young African-american students to read. Hopefully this will a wake-up call for them. Making them moreaware of what s/he is willing to spend their money on!
LydiaO
Lydia Osinowo
posted 3/27/08 @ 3:39 PM EST
This is a very good article for young Arican-American students to read. Hopefully, this will be a wake up call for them, making them more aware of what s/he is willing to spend their money on. (Continued…)
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