Updated: Aug 10, 2020
The black hair care industry is worth more than $2.5 billion, but that statistic doesn't include products such as hair accessories, wigs or electric styling products. So, the industry is actually worth much more. This is evidence that my sisters value their crown and will spend all their coins on what they need to feel beautiful and to get their hair right and tight!! Money is power so understand that your hard earned dollar dollar bill is power!! Spending you coin in an industry that is filled with non-black owner affiliates seems like a no brainer but some consumers are not fully aware of what companies are truly black owned .
Black women know beauty. Over 85 % of black women feel that it’s important to be well groomed and look presentable. Black women know what they like and they like beauty and love to feel beautiful. So we’re spending a lot of money on things to help achieve this. In the past, products have not catered to the black woman but as of late, there’s been a surge of products all over retail shelves catering to the needs of women with kinky, coily and curly hair. Black brands have always existed but have struggled with pushing their products against the bigger companies. Since the overwhelming response of the Black Lives Matter movement, there’s been a highlight on supporting black businesses. With that, comes the influx of black dollars being spent on companies that are truly black owned. There a several reasons to support black hair business but here are a few that particularly stand out!!
BLACK BUYING POWER
Black spend over a trillion dollars each year in the beauty industry and this increases with each year. Black consumers are beginning to switch to products that cater to them which has shown a tremendous increase of dollars being spent in the markets that specifically speaks to them. Blacks are the official trend setters so it’s no surprise that spending money on beauty items have led to an increase of companies appealing to that demographic. There is indeed power in the Black dollar.
SUPPORTING A DREAM
Many African American entrepreneurs start business inspired by heart, passion and need for something missing. They bring access to specific needs of communities that may be overlooked in the major industries. Black consumers spend ten times more in hair and beauty industry so that’s a clear indication there’s a demand for good product. When you spend your money with a black own brand, you’re supporting a dream. Just like the late Madam CJ Walker who created her brand with her bare hands, sweat and tears, most black owned brands mirror that same work ethic and dream. If not for anything, support the brands that have your best intention and that not only identify with you but has your best interest at heart.
BLACK BUSINESS UNDERSTAND YOU
It’s major to support business that has your back. It’s one thing to make brands listen to us, it’s another thing to support brands that have been listening to (and celebrating) us since day one.These kinds of business ventures uplift communities, fostering a sense of pride in the people that live there. When you support Black-owned businesses, you get products that are valuable for the unique character they bring. Plus, you avoid spending money at other companies that may not celebrate Black culture.