Black History Month
In honor of Black History Month, it's only befitting to recognize these companies that are embedded in the Black cultural experience - Black-Owned Beauty Supply Stores. Black women and their hair is a multi-billion dollar industry. According to Gitnux market data, in 2020 the estimated value of the black hair industry in the United States is around $2.5 billion. While the number is staggering, but not surprising Black consumers don't mind spending money on their hair and their products. Research shows Black consumers spend nine times more on hair care products compared to other ethnic groups. Black hair is big business This demonstrates just how important the Black hair care industry is. And it is a testament to the purchasing power of Black consumers and their impact on the industry. And just what is the Black consumer purchasing in hair care? Gitnux data says it's no longer the relaxer. Sales of relaxers for black hair actually dropped over 26% between 2010 - 2015. Consumers are more conscious about what they put in their hair and are choosing to stay away from harmful chemicals. Research shows in 2020, 36% of African-American women in the U.S. preferred natural hair over chemically treated hair. The new purchase in the black hair care industry is hair extensions. That is expected to be valued at $2.8 billion this year. Hair extensions is what you will find at beauty supply stores. And some stores keep them by the boat load. According to the Black-Owned Beauty Supply Association, there are currently 35,000 beauty supply stores in the U.S. Of those, some 2,500 are Black-owned. Below are some of the Black-owned beauty supply stores in the Charlotte area.