Beauty Salon market research report summary is from IBIS World
- …Revenue growth is expected to improve over the next five years, rising at an average annual rate of 3.3% to $49.3 billion by 2017…this will be driven by an expected increase in per capita disposable income and declining unemployment toward the end of the five-year period…higher disposable incomes could also lead hair salon customers to spend more on higher-value services like manicures, pedicures, facials, hair modification treatments, and massages.
- …Industry profit is also expected to see gains which could encourage more new businesses to enter the industry…profits are projected to increase from 5.5% in 2012 to 5.9% by 2017. Profit gains will be mainly due to increased sales of higher-value products which have larger profit margins…Improving market conditions will increase the number of industry operators at an average annual rate of 3.7%, reaching 1.3 million operators by 2017.
- …This growing number of industry operators will drive employment growth. The slowly improving job market will continue to contribute to higher enrollments at cosmetology schools. This continued trend, combined with the growth in new industry operators, is expected to drive beauty salon employment upwards at an average annual rate of 3.8%, reaching 1.8 million employees by 2017.
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