— BY, CHRISTINE MICHEL CARTER SENIOR CONTRIBUTOR
In the past ten years, global category-leading manufacturers like Procter & Gamble and Unilever have seized the opportunity to create specific products that appeal to diverse consumers. These consumers spent $473 million in total hair care (a $4.2 billion industry). In addition, they made other significant investments in personal appearance products, such as grooming aids ($127 million out of $889 million) and skincare preparations ($465 million out of $3 billion). As Nielsen summarizes:
“Black consumer choices have a ‘cool factor’ that has created a halo effect, influencing not just consumers of color but the mainstream as well. These figures show that investment by multinational conglomerates in R&D to develop products and marketing that appeal to diverse consumers is, indeed, paying off handsomely.”