Welcome to our blog post on salon industry statistics. In this post, we will be exploring the current trends in the salon industry and how they are impacting the industry as a whole. We will be looking at the size of the industry, the types of services that are popular, and the financial performance of the industry.
We will also be discussing the impact of technology on the industry and how it is changing the way salons do business. Finally, we will be looking at the future of the industry and what trends we can expect to see in the coming years. So, let’s dive in and take a look at the salon industry statistics.
Salon Industry: The Most Important Statistics
9.2% 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%).
Purchasing an already operational salon will cost between $40,000-$250,000, while a brand new salon will cost between $100,000-$500,000. There is a gender pay gap between male and female hairstylists, with salons accounting for 95% of revenue in the hair industry.
Salon Industry Statistics Overview
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.
Despite the pandemic, the global salon services market is expected to grow in the coming years. This growth is likely due to the relaxation of social distancing restrictions, which have had a significant impact on the industry.
The US Salon Industry is expected to decline by -3.8% in 2023, with an average decline of 2.4% per year between 2018 and 2023.
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.
9.2% 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%).
35-54 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.
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.
The Hair Salons industry in the US has seen an average increase of 0.4% in the number of employees between 2018 and 2023, with 1,352,562 people employed in the industry as of 2023.
The number of hairdresser, hairstylist and cosmetologist positions is expected to increase 9% between 2018 and 2028, despite a 84% decrease in jobs due to the coronavirus between February and April 2020.
By 2023, 12.7% of total revenue in the Beauty & Personal Care market will be generated through online sales.
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.
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.
It shows the potential for growth in the industry due to changing lifestyles and growing awareness. 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.
Purchasing an already operational salon will cost between $40,000-$250,000, while a brand new salon will cost between $100,000-$500,000. There is a gender pay gap between male and female hairstylists, with salons accounting for 95% of revenue in the hair industry.
This gives an overview of the costs associated with purchasing a salon, as well as the gender pay gap between male and female hairstylists. Additionally, it provides insight into the revenue sources of the hair industry, with salons accounting for the majority of income.
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.
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 global haircare market size is expected to increase from $69 billion USD in 2016 to $87 billion USD in 2023.
The haircare and beauty industry is growing, which means that there is potential for salons to benefit from this growth. This could be through increased demand for services or increased sales of products.
In 2019, 1.7 million people were employed as hairdressers and beauticians in the EU, representing 0.9% of total employment, with Cyprus having the highest share of 2.3%.
The European cosmetics industry was valued at over $123 billion in 2019.
Nail salons have seen a 29.4% increase in unit growth since 2017, making it the third-best performing sector in the hair and beauty industry.
The beauty industry is projected to grow significantly by 2023, and this piece provides organized, assessed, and classified statistics to help beauty enthusiasts understand the state of the industry.
Keeping up with hair salon industry trends is essential to staying competitive and keeping customers satisfied.
Understanding the trends and styles that are popular can help a business stay ahead of the competition and ensure that customers are satisfied with the services they receive. Knowing the top industry trends can give a business an edge and help them remain successful.
It is important for salon owners to be aware of the current trends in the industry in order to remain competitive and attract new customers. Knowing the latest trends can help salon owners create an attractive and inviting atmosphere that will keep customers coming back.
The Salon Industry is a $47 billion industry in the US alone, showing the potential for growth and revenue.
Conclusion
The salon industry is a thriving one, with a wide variety of services and products available to customers. The industry is expected to continue to grow, with the global market for salon services estimated to reach $196.3 billion by 2025.
The industry is also becoming increasingly competitive, with more salons offering a wider range of services and products. As the industry continues to evolve, it is important for salon owners to stay up-to-date on the latest trends and statistics in order to remain competitive and successful.
References
1 – https://www.fortunebusinessinsights.com/salon-service-market-104608
2 – https://www.ibisworld.com/industry-statistics/market-size/hair-salons-united-states/
3 – https://www.zippia.com/hair-stylist-jobs/demographics/
4 – https://trafft.com/hair-salon-statistics/
5 – https://www.ibisworld.com/industry-statistics/employment/hair-salons-united-states/
6 – https://www.probeauty.org/docs/default-source/membership-documents/resource-library-documents/research-reports/2020-economic-snapshot-of-the-salon-industry.pdf?sfvrsn=6cf3c891_2
7 – https://www.statista.com/outlook/cmo/beauty-personal-care/india#:~:text=Revenue%20in%20the%20Beauty%20%26%20Personal,US%2412.59bn%20in%202023.
8 – https://www.statista.com/topics/5039/beauty-industry-in-india/#topicHeader__wrapper
9 – https://www.allthingshair.com/en-us/hairstyles-haircuts/hair-salon-industry-statistics
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11 – https://www.allthingshair.com/en-us/hairstyles-haircuts/hair-salon-industry-statistics
12 – https://trafft.com/hair-salon-statistics/
13 – https://ec.europa.eu/eurostat/web/products-eurostat-news/-/ddn-20200612-1
14 – https://www.cosmoprof.com/en/media-room/news/the-cosmetics-market-in-europe-todays-challenges-tomorrows-opportunities/
15 – https://professionalbeauty.co.uk/site/newsdetails/uk-beauty-salons-grown-25
16 – https://www.hollywoodmirrors.co.uk/blogs/news/uk-beauty-industry-statistics-2022-facts-stats-and-trends
17 – https://salonbizsoftware.com/blog/hair-salon-industry-trends-for-growing-your-salon-business/
18 – https://blog.appointy.com/2021/07/26/salon-trends/
19 – https://zolmi.com/salon-facts
20 – https://www.allthingshair.com/en-us/hairstyles-haircuts/hair-salon-industry-statistics
