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Courtesy of Sienna Naturals
The truth is, running a Black-owned beauty brand is tough. This 12 months, we’ve seen an onslaught of beauty brands shut down, file for bankruptcy, or be sold to acquisitions to stay afloat as a recession looms. Despite many Black beauty brands hitting record numbers in 2020—marked by the George Floyd protests and a rise in 15 percent pledges—the 2024 attack on DEI and a poor economy makes the present reality of minority beauty businesses more bleak now than before.
“All the things has turn out to be harder—raising capital, negotiating with retailers, finding authentic influencers, and ensuring we've got the best quality products available on the market at an affordable price,” co-owner of Black Opal Desiree Rogers...
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It’s no secret the Latinx consumer is significant for the sweetness business.
At greater than 60 million people, 18 percent of the overall U.S. population identified as Hispanic or Latinx in 2019, in keeping with the U.S. Census Bureau. And it’s a growing group — by 2060, individuals with origins in Spain and Latin America are expected to make up greater than 27 percent of the population, in keeping with the Census Bureau. Latinx buying power is projected to extend from $1.5 trillion in 2019 to $2.3 trillion by 2024, in keeping with Nielsen.
It’s also a bunch that outspends its peers on the subject of buying beauty by about 30 percent, in keeping with Nielsen.
WHAT THE LATINX CONSUMER IS BUYING
Latinx shoppers...
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