The beauty industry has a global reach, touching millions of consumers. Beauty products range from skin cleaners to cosmeceuticals and perfume. In the US alone, the industry generated over $500 billion in revenue in the last decade. It is expected to reach $73 billion by 2025.
According to researchers, the ability to perceive beauty is a rudimentary cognitive process that appears in early childhood. At the same time, a number of socioeconomic and cultural factors have contributed to the perception of beauty.
Beauty standards and their attendant rites of passage have played a large part in defining who is considered beautiful. This is especially true for Black consumers, who are underrepresented in the beauty industry, and often struggle to access quality beauty products.
Beauty standards are not a new phenomenon. Early racial theorists, in particular, believed that whiteness was the most attractive race. They took that notion to other countries and helped establish a concept of beauty in the world that continues today.
There are two major groups of people that benefit from the beauty industry. First are those who have the financial means to buy the products, and second are those with social power. These groups can use their status to influence others and reap the rewards of increased confidence. As such, the beauty industry’s potential upside is significant.
Despite their contributions to the industry, Black consumers are still underrepresented, and lagging behind their population at large when it comes to spending on beauty products. In fact, Black brands represent only 2.5 percent of the overall beauty spend in the United States. By contrast, White brands account for approximately 60 percent of the industry’s total sales. Creating a more equitable beauty ecosystem is no easy feat.
Luckily, the industry has been able to address some of the most pressing pain points for Black consumers, including a better understanding of the needs of the Black consumer base and increased support for Black brands. This can help to foster a more productive relationship between the industry and Black entrepreneurs, who can innovate with products specifically targeted at the Black consumer.
There is no denying that the beauty industry is a lucrative one. Not only does the industry generate billions of dollars in revenues each year, it also impacts the lives of millions of consumers around the world. With its many price points, packaging options, and places where products are sold, the beauty industry has been able to expand beyond cosmetics to include skin cleaners, cosmeceuticals, and perfume.
However, the most effective changes to the industry have been the most difficult to implement. These changes include investment in Black brand development and research, and the creation of more effective partnerships with Black brands. Developing products to meet the specific needs of Black consumers can be a game changer for the industry as a whole.
One of the most popular types of beauty products is the lipstick. This is due to the fact that it is the best way to achieve the most visible effect without committing to the expense of a lash extension or a full face of makeup.