Despite the growing power of the Black consumer, brands have yet to cater to them properly, new data shows.
A report from NielsenIQ shows the growing size and momentum of the Black beauty shopper, with buying power expected to reach $1.8 trillion in 2024. It is also younger and seeing higher gains in high-income households, the report added.
“This is the way that America looks,” said Anna Mayo, beauty vertical client director, NielsenIQ. “We’re seeing a lot of growth across all levels of this consumer, and they are becoming a very dynamic force and driving the conversation forward.”
“We still see a lot of gaps in skin care and cosmetics, either shade ranges aren’t represented, or in terms of skin care, the products are not developed for their skin types,” Mayo said. “There’s been so much press and focus on Black consumers and Black-owned brands, and those gaps surprised us. In hair care, brands have done a really good job, but that same focus has not been applied to skin care or cosmetics.”
Here, five insights on the Black beauty consumer in the U.S.
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- Black buying power in the U.S. hit $1.4 trillion in 2020, and is expected to reach $1.8 trillion in 2024.
- The number of high-income households has grown 26 percent among Black consumers, compared to 19 percent in the U.S. overall.
- 54 percent of Black consumers are under the age of 35, as compared to 46 percent of the total U.S. population.
- The average Black consumer spent on average $284 on beauty and skin care for the 52 weeks ended Dec. 4. By contrast, the total U.S. consumer spent $269.
- Fragrance spend increased 60 percent among Black consumers, and beauty overall grew 22 percent to $7.4 billion.