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New study sheds light on an underserved, yet lucrative segment within the skincare, hair care and cosmetics segments.
June 24, 2022
By: TOM BRANNA
Editor
The global beauty industry is missing a $2.6 billion opportunity by not meeting the needs of the Black consumer, according to McKinsey. In a new study, the consulting firm concludes that Black people's experience within the beauty industry is markedly more frustrating than that of non-Black people and filled with multiple friction points. For example: • Black brands make up only 2.5% of revenue in the beauty industry. Yet Black consumers are responsible for 11.1% of total beauty spendin...
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