Tap Into the $62 Billion Beauty Marketplace With a Beauty Franchise

Tap Into the $62 Billion Beauty Marketplace With a Beauty Franchise

Tap Into the $62 Billion Beauty Marketplace With a Beauty Franchise

How you are perceived by others before they even speak with you is influenced by your appearance. Like it or not, we are all initially judged by how we look, dress, and carry ourselves.

It’s no wonder that the beauty franchise sector is booming. Franchises exist that can enhance our looks in a variety of areas including:

  1. Day spas
  2. Hair removal
  3. Eyebrow shaping
  4. Ear piercing
  5. Hair replacement (except by offices of physicians) or weaving services
  6. Tanning
  7. Permanent makeup
  8. Nails
  9. Skin care
  10. Hair care
  11. Teeth whitening
  12. Cosmetic
  13. Beauty supply

Demand for beauty services is expected to continue rising to $62 billion in 2022, according to IBISWorld’s 2017 “Hair & Nail Salons in the US” report. Zion Market Research in its report titled “Spas and Beauty Salons Market by Type (Spas and Beauty Salons) and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024’’ says the global spas and beauty salon market was valued at around $129 billion in 2017 and is expected to reach approximately $191 billion in 2024.

A survey of 2,000 people by Groupon titled “The True Cost of Beauty” reveals exactly how much Americans are spending on beauty:

 

How much the average person spends on beauty products per month:

  • Creams/lotions/moisturizer/anti-aging: $57
  • Make up/beauty spend and treatments: $58
  • Hair spends (cuts, products, removal): $58

 

How much the average person spends on their image:

  • per month: $279
  • per year: $3,348
  • per adult lifetime (ages 18-78): $200,880

 

How much men and women spend on beauty products per month, respectively:

  • Creams/lotions/moisturizer/anti-aging: $65/$49
  • Make up/women’s beauty spend and treatments: $115/$0
  • Hair spends (cuts, products, removal): $56/$60

 

How much men and women spend on their image, respectively:

  • per month: $244/$313 (face alone: $51/$91)
  • per year: $2,928/$3,756
  • per adult lifetime (ages 18-78): $175, 680/$225,360

 

The convenience, reliability, and efficiency of beauty services provided by professionals is difficult for people to replace on their own. This, combined with people having more disposable income as a result of our robust economy, makes investing in a beauty franchise an interesting opportunity. It is crucial to investigate every opportunity thoroughly to ensure it has the potential to meet your expectations.

Published: December 4th, 2018

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