Ready to Beauty has released a new economic data study, Readiness is the New Green: An Economic Data Study on the Business of Multicultural Beauty discussing the state of business for multicultural beauty professionals. The report highlights top macro-economic trends, while also examining how key business segments have been responding to, and are continually being impacted by, the combined effects of the coronavirus COVID-19 pandemic and the George Floyd/#BlackLivesMatter protest movement, both of which led to calls for greater economic equity. Additionally, challenges and opportunities impacting the Black/African-American beauty market are examined as well as the attitudes, behaviors and actions of notable Black/African-American founders, executives and thought leaders working in beauty. Highlights of the report include:
- Survey respondents say they believe that skin care (77%) will be the most economically strong category in 2021, followed by hair care (59%).
- Mentoring and Business Management was cited as the highest rated economic reforms participants feel the beauty industry should provide to better assist Black entrepreneurs and brands (77%).
- A majority (59%) feel their business is better prepared to manage an economic disruption.
Click here to download a topline assessment of the report. To request the full report, please email StayReady@readytobeauty.com.
