![]() This could be through increased demand for services or increased sales of products. The haircare and beauty industry is growing, which means that there is potential for salons to benefit from this growth. The global haircare market size is expected to increase from $69 billion USD in 2016 to $87 billion USD in 2023. The average cost of equipment for a salon is around $27,000, which is important to understand in order to support local salons during the Covid-19 pandemic. The Hair Salons industry experienced a 3.8% decline in 2023, with revenue declining at a CAGR of 2.4% over the past five years. Additionally, it provides insight into the revenue sources of the hair industry, with salons accounting for the majority of income. This gives an overview of the costs associated with purchasing a salon, as well as the gender pay gap between male and female hairstylists. ![]() It also indicates that the salon industry in India could benefit from increased investment and attention in order to capitalize on the growing demand for beauty and personal care products. It shows the potential for growth in the industry due to changing lifestyles and growing awareness. India's beauty and personal care market is valued at one trillion Indian rupees in 2020 and is ranked fourth globally for generating the highest revenue in 2021. Online sales are becoming increasingly important in the Beauty & Personal Care market, and salons should consider investing in online sales strategies in order to remain competitive. The number of hairdresser, hairstylist and cosmetologist positions is expected to increase 9% between 20, despite a 84% decrease in jobs due to the coronavirus between February and April 2020.īy 2023, 12.7% of total revenue in the Beauty & Personal Care market will be generated through online sales. The Hair Salons industry in the US has seen an average increase of 0.4% in the number of employees between 20, with 1,352,562 people employed in the industry as of 2023. Thus, the majority of revenue is coming from consumers in this age range, meaning that salons should focus their marketing efforts on this demographic in order to maximize their profits. This highlights the competitive nature of the salon industry and the low barriers to entry, which can make it difficult for salons to remain profitable.ģ5-54 year olds are the largest segment of the personal care market, accounting for 48.4% of the industry's revenue and spending an average of $96.00 more than the typical US consumer. ![]() The US Salon Industry is expected to decline by -3.8% in 2023, with an average decline of 2.4% per year between 20. This growth is likely due to the relaxation of social distancing restrictions, which have had a significant impact on the industry. There is a gender pay gap between male and female hairstylists, with salons accounting for 95% of revenue in the hair industry.ĭespite the pandemic, the global salon services market is expected to grow in the coming years. Purchasing an already operational salon will cost between $40,000-$250,000, while a brand new salon will cost between $100,000-$500,000. The global salon services market experienced a 21.25% decline in 2020 due to the COVID-19 pandemic, but is projected to grow from $215.65 billion in 2022 to $355.45 billion by 2029.ĩ.2% of hair stylists are men, 90% are women, the average age is 40, 12% are LGBT, and the most common ethnicity is White (59.7%), followed by Hispanic or Latino (16.2%), Black or African American (1.6%), and Asian (7.6%).
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