Black buying power has perhaps never been higher, especially in the beauty market. But are brands rising to meet us as the dynamic consumers we are? New insights by NielsenIQ show Black consumers regularly over-index in spending but remain underserved in the beauty space, despite significant growth among Black-owned brands.
WWD’s Beauty Inc reported on NielsenIQ’s findings, noting that after hitting $1.4 trillion in 2020, the collective buying power of Black beauty consumers is projected to reach $1.8 trillion annually by 2024. There has also been a significant increase in younger shoppers, with a reported 54 percent of Black shoppers being under the age of 35 (the overall U.S. average of that age demographic is 46 percent). Our disposable incomes also seem to have increased; the number of high-income households in the United States has increased 19 percent on average, but among Black consumers, there has been a 26 percent rise.
“This is the way that America looks,” Anna Mayo, beauty vertical client director of NielsenIQ, told WWD. “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.”
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