2024 Latinas in Beauty Benchmark Report: Equity and Representation in the Beauty Industry

Executive Summary
The Latinas in Beauty Benchmark Report aims to provide an overview of the current landscape for Latinas in the beauty industry. By measuring progress, identifying challenges, and highlighting opportunities, this report serves as a tool to guide Latinas, Latina-owned brands, and industry professionals in advancing their careers and businesses. It also provides valuable insights for organizations committed to diversity, equity, and inclusion (DEI) within the beauty industry.

The Latinas in Beauty platform connects Latina professionals from all sectors of the beauty ecosystem, advocating for equity, leadership opportunities, and greater representation. This report will offer findings on representation, compensation gaps, career aspirations, and workplace culture, underscoring the need for action to create a truly inclusive industry.

Study Participants
Participants in this study span various sectors of the beauty industry, including corporate executives, independent brand founders, makeup artists, stylists, and creative professionals. Data was gathered from over 1,500 professionals, representing diverse career stages and specializations. Key demographics of respondents include:

• 85% identified as women
• 12% identified as men
• 35% identified as Latina/Hispanic
• 5% identified as LGBTQIA+
• 20% identified as Black, Asian, or Indigenous women
• 25% represented Latina-owned brands

The study explored key themes including DEI, career progression, compensation, and workplace culture.

Progress for Latinas in the Beauty Industry – An Overview
Latinas are increasingly recognized for their impact and contributions to the beauty industry, yet significant challenges persist:

• Representation: While Latinas make up 18% of the U.S. population, only 9% are in leadership roles within the beauty industry.
• Entrepreneurship: There has been a 12% increase in Latina-owned beauty brands, driven by passion for cultural representation and unique beauty needs.
• Career Advancement: 40% of Latina respondents expressed aspirations for C-suite positions, yet only 5% currently hold senior executive roles.

Key Areas of Concern
Despite progress in some areas, the report highlights three critical areas where Latinas continue to face obstacles:

1. Underrepresentation in Leadership: Latinas hold fewer than 10% of leadership roles across major beauty companies.
2. Compensation Gaps: Latina professionals earn, on average, 78 cents for every dollar earned by their male counterparts.
3. Workplace Culture: Latinas report facing microaggressions and a lack of mentorship and support, contributing to lower job satisfaction and slower career progression.

Compensation and Economic Power
Latinas in the beauty industry continue to experience significant pay disparities:

• The average salary for Latina beauty professionals is $75,000, compared to $85,000 for non-Latina women and $92,000 for men.
• Latina entrepreneurs face greater challenges in securing funding, with 63% relying on personal savings to launch their businesses, and only 12% receiving venture capital investment.
• Latina professionals report that bonuses and commissions are 45% lower than those of their male counterparts, similar to disparities seen across other industries.

Career Trajectory and Leadership
While more Latinas are entering the beauty industry, progression to senior roles remains a challenge:

• Only 15% of mid-level Latina professionals feel they have the same opportunities for advancement as their peers.
• Entry-level positions see higher representation, but there is a significant drop in Latina representation at senior management levels.
• Career satisfaction rates are lower for Latinas compared to their non-Latina counterparts, with 60% reporting they feel unsupported by leadership.

Workplace Diversity and Culture
The beauty industry has made strides in promoting diversity, but there is still room for improvement:

• 48% of Latina respondents report experiencing discrimination or bias in the workplace, while 32% say they have witnessed others experiencing the same.
• Despite these challenges, 57% of respondents believe that diversity initiatives have improved in recent years, with more companies prioritizing DEI efforts.
• Companies that have actively embraced DEI report increased innovation, creativity, and better connection with Hispanic and Latina consumers.

Action Leads to Change
The beauty industry is recognizing the importance of inclusion. Diverse teams offer greater potential for creativity, innovation, and market relevance. To foster greater equity and inclusion for Latinas, companies must:

1. Invest in Leadership Development: Provide mentorship, coaching, and sponsorship programs for Latina professionals.
2. Close the Pay Gap: Implement transparent compensation practices and ensure equal pay for equal work.
3. Create Inclusive Cultures: Promote a workplace culture where Latinas feel valued, heard, and supported.
4. Support Latina Entrepreneurs: Provide access to capital, resources, and networks for Latina beauty brand founders.
5. Commit to DEI: Make diversity, equity, and inclusion a core business imperative, driven by leadership.

Conclusion
The Latinas in Beauty Benchmark Report sheds light on both the progress and challenges faced by Latina women in the beauty industry. While strides have been made, there is much work to be done to ensure that Latina professionals and entrepreneurs are fully supported, equitably compensated, and fairly represented in all sectors of the industry.

By working together—Latina professionals, allies, and organizations—the beauty industry can achieve greater equity, innovation, and success for all.

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