Circana and SeeMe Index's research found out that inclusive beauty brands grow faster than their less inclusive counterparts.
The report "Inclusive Beauty Drives Sales: An AI-Powered Road Map for the Beauty Industry" examined the growth rate of 40 US beauty brands that were recognized by SeeMe Index, and incorporated Circana's sales data from leading beauty, mass retailers, and general merchandise during the same period.
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The inclusive beauty brands identified by SeeMe Index—Fenty, L'Oréal Paris, Dove, NYX Cosmetics, M·A·C, Estée Lauder Companies, and Maybelline New York—saw a collective 18% growth, eclipsing the 12% rate for their less inclusive competitors.
"Becoming a truly inclusive brand requires consistency throughout every customer interaction," said Asha Shivaji, SeeMe Index CEO and founder, adding that the aforementioned brands instill inclusivity in their advertisements and other external undertakings. What's more is that this practice isn't limited only for special months but is embodied all year-round.
The research also discovered that inclusive brands have the same key traits: 1, they view inclusivity as an organizational approach, consistently demonstrating it across all consumer touchpoints; 2, they meaningfully engage with diverse consumer identities by integrating intersectional thinking into their long-term commitments, ensuring inclusivity is sustained and authentic; and 3, they maintain transparency by regularly reporting progress on identity-specific product testing and long-term brand commitments.
The beauty industry plays an important role in fostering inclusivity, according to Circana senior vice president Larissa Jensen. She added that the research report puts a spotlight on the importance of inclusivity both from a business and human perspective.
Jensen further said that inclusivity is a huge factor in the business' success.
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