Beauty is a complex concept that is shaped by social and cultural factors. In the past, it has been attributed to physical characteristics such as skin color and facial averageness. Today, however, the beauty industry is more than just skin care products. The business has expanded to include cosmeceuticals, perfumes, and places where cosmetics are packaged and sold.
As a result, it is a lucrative business, as the US beauty industry reached $60 billion in sales last year. This figure is expected to increase to $73 billion by 2025. Although the beauty industry is a lucrative one, it’s important to consider the impact that its products have on the countless number of people worldwide.
While it’s no secret that the beauty industry has been a big business for years, Black Americans have had a particularly tough time finding quality products to suit their particular needs. In fact, Black consumers account for only 11% of the total spending on beauty products in the United States. Despite this, Black Americans represent a rapidly growing demographic. They account for 41 million consumers and have increasing spending power. However, there’s still room for improvement.
A surprisingly high percentage of Black consumers buy their beauty products at mass market retailers. Only 13 percent of survey respondents say that they have found it easy to locate beauty products at these stores.
There are several reasons for this. One of the most common is that Black consumers haven’t been marketed to in the beauty industry. Most advertisements don’t feature Black consumers and they rarely see themselves in the ads.
This lack of representation has made it difficult for Black consumers to find high quality products. Considering that 6.6 billion dollars in sales went to Black consumers in 2021, the beauty industry could be doing a lot better. By improving the industry’s visibility and promoting better partnerships with Black brands, there’s plenty of potential for change.
Increasing the percentage of quality Black beauty products in the beauty aisles would give the Black consumer population in the United States a real shot at equalizing its share. If a minimum of 12.7 percent of the US population opted for Black products, the industry would have a huge opportunity to create a substantial economic upside.
However, creating an equitable beauty industry ecosystem is no easy feat. To do so, you’ll have to address several pain points. These include educating store associates, enhancing consumer education efforts, and investing in Black-focused products.
Creating more effective and attractive advertising can also help promote the beauty industry to more consumers. For instance, the Black is Beautiful movement, which began in the 1960s, arose out of the burgeoning Black Power movement. Its goal was to affirm aspects of blackness that were considered ugly by white standards.
Other factors in the beauty industry that have changed over the years include the Internet, where consumers can now purchase a wide range of products on their own. Packaging has become more important, too.