Hair Salon Statistics and Industry Trends
The beauty business is growing rapidly. Whether you're a hairdresser who wants to open a hair salon business and need a business plan, or are researching the hair industry's market trends, you've come to the right place. We've performed a market analysis and compiled all the key statistics you need: market size, market forecast, state level market distribution, useful financial metrics, and a list of the most successful beauty salons in the US.
Promoting Hair Salon Industry GrowthThe downturn in the economy did hit the hair salon industry hard, as customers curbed their discretionary spending, went longer between appointments and demanded value-for-money services that met the latest hair salon industry trends. Despite this, according to latest market research, the beauty industry still sees annual revenue of more than $42 billion, and steep economic growth is predicted in the near future. With more than 250,000 salons in the US and around a million people working in the industry, competition is fierce, and salons must work harder to retain existing clients and attract new ones, by offering high quality, wide-ranging and on-trend products and services at reasonable prices.
Prematurely opening a hair salon before a sound hair salon business plan has been developed and adequate funding is in place, means that the likelihood of failure is significantly increased. It is important to understand the local market, analyze established competitor businesses and identify an underserved niche, to ascertain if the beauty market can support another salon. The federal Small Business Administration (SBA) is a great resource that assists potential business owners in all aspects of business development and start-up, in attempts to maximize their chances of success. The SBA can also help in identifying suitable grant and business loan opportunities after you've written your business plan with the help of our hair salon industry market research.