Vice President Kamala Harris will speak on stage with Essence CEO Caroline Wanga at the Global Black Economic Forum of the 30th Essence Culture Festival, held at the Ernest N. Morial Convention Center in New Orleans, Louisiana on July 6, 2024.
Michael Decocker | Getty Images News | Getty Images
In a year when US consumers were overwhelmed by economic uncertainty, geopolitical tensions and inflation, black entrepreneurs are keen to reach the Cultural Festival of Essence and connect with their core customers.
“Essence Fest is like my Black Friday,” said Rochelle Ivory, owner of Edge Baby Hair Beauty Brand. “It’s the biggest sales weekend of the year. It’s where I make all the capital I’ll reinvest in my business.”
Essence Fest begins Friday and around half a million people will be taking part in the New Orleans event. It generates about $1 billion in economic activity, according to organizers.
“This is not a miss event for us,” said Brittney Adams, owner of eyewear brand Focus and Frame. She said this year’s Essence Fest is even more important. Because they saw black consumers pull back their spending.
“I would say the uncertainty of the economic and political climate. It gives people a bit of hesitation. Should they save money? Should they buy what they want?” Adams said.
Ivory said her sales have fallen by about 30% year-on-year, but she hopes she will come to New Orleans with the aim of spending time and money in the festival market.
“This could make or break some of us,” she said. “It’s one of the few places where black women, black founders can really come together and see.”
The Global Black Economic Forum is intended to bring visibility and create solutions for black business owners at the Essence Fest. This year’s speakers include Supreme Court Judge Ketange Brown Jackson and Maryland Gov. Wesmoor. Last year, then President Kamala Harris spoke.
“We’re looking forward to seeing you in the future,” said Alphonso David, CEO of GBEF.
Second half shift
Many black Americans have expressed financial insecurity, but the data is less clear.
In the first quarter of this year, the median weekly wage for Black workers was $1,192, up 5% year-on-year, according to Federal Reserve data. Black unemployment rates were 6% in the latest employment report, historically low, but higher than the national average of 4.2%.
However, the data does not appear to fully reflect the sentiment of many Black Americans concerned about the political, cultural and economic changes that have occurred since President Donald Trump’s election.
“Don’t waste a good crisis,” said John Hope Bryant, founder and CEO of OperationHope, one of the nation’s largest nonprofits focused on financial education and empowerment.
Bryant said he views the concerns of Black Americans in the second half of 2025 as an opportunity.
John Hope Bryant is the founder and CEO of Operation Hope.
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“This president did something that has not been done since the 1960s when Black America was unified. Wealth was created in the early 20th century as black people were forced to work together.
Rev. Jamal Bryant of the New Birth Missionary Baptist Church galvanized black consumers in an organized boycott target It began in February in response to a retailer’s decision to roll back diversity, equity and inclusive initiatives.
Bryant said he is in discussion with Target but is ready to organize a long-term boycott if the retailer fails to fulfill the promise he made to the black community after George Floyd’s murder. He is urging Black Americans to use an estimated $2.1 trillion in spending electricity forecasts by 2026 to drive economic and political change.
“I think the ‘Pocket Book Protest’ is a revolutionary activity,” Bryant said.
“I think we have to be very selective considering the ‘big ugly bills’ that we just crossed and how it will negatively affect our community,” he said.
Celebrate and educate
Invest Fest is a commercial and cultural blend event created in August to attract moneymakers for financially focused media companies in Atlanta.
Co-CEOS Rashad Bilal and Troy Millings said the event will remain focused on financial literacy, but this year highlights the urgent need for technology education and entrepreneurship.
“It’s definitely now or never, this time of year,” Bilal said.
“What’s important this year is how technology disrupts many career paths and businesses, and we have to prepare for it. That’s why AI is at the forefront of the conversation.
New this year is a partnership with venture capital firm Open Opportunity and a pitch competition where entrepreneurs can win $125,000 in funding to expand their business.
“More companies can reach a $1 billion valuation and reach the stock market. The road to nine times out of 10 is technology,” Bilal said.
Festival participants will sign the exhibition wall on the first day of the Essence Festival, held in New Orleans, Louisiana, July 5, 2024.
Aaron J. Thornton | Wire Image | Getty Images
The National Black MBA Association Conference held in Houston in September has a similar tone. The event is known for its career fairs, which are employed by the nation’s largest companies, as well as for its networking and vibrant social activities.
This year, interim CEO Orlando Ashford is working to establish artificial intelligence education and financial literacy as pillars of the event.
“Doing business as usual is not an option,” Ashford told CNBC. “AI is what I literally call the tsunami of change that I’m heading down that path. We are all forced to pivot in some way, as it relates to AI. Our people in front of us can embrace it and turn leverage into a truly incredibly powerful opportunity.
