The Hair Biz Stands up Despite a Down Economy

Susan_Wilson_Solovic — Fri, 29 Aug 2008 17:50:48 -0500

One of the fun
things about doing guest television appearances for the networks is
getting your hair and make-up done by professionals. Most of the
stylists are solo entrepreneurs so in addition to picking up tricks of
the trade from them, I also like to ask: "How's business?" Does the
beauty business hold its own in a sluggish economy? Most say, "So far
so good." The reason they say, is because typically their customers
aren't living paycheck to paycheck so they aren't likely to skimp on
personal care services.

To further my
research from the network make-up chair, I asked my friend Pete, who
owns several salons and has been in the industry for more than 35
years. He concurred with my findings. However, he noted that some
customers may stretch the time in between salon visits a little longer
when times are tight. For example, if you regularly book salon
appointments every four weeks, you might decide to go every five weeks
instead.

My informal
research reflects the national data on the salon-industry's vitality.
There are some 75,000 beauty salons in the expanding beauty business –
a $16 billion industry. When you add an additional 5,000 men's hair
salons and barber shops to the picture; hair care and personal services
equals a lot of small business jobs!

A U.S. Department of Labor
projection shows that between 2002 and 2012, the salon industry is
expected to add 111,090 jobs. By 2012, the industry will include
865,000 workers, a 14.7 percent increase over 10 years. In addition to
these numbers, many cosmetologists and stylists choose to be
independent contractors renting space from salon owners and managing
their own business needs.

So at the end of
the day, it seems the salon business weathers an economic downturn
fairly well. Personally, I think I'd give up a lot of things before I'd
let anyone see the gray hairs sneaking through. How about you?

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The Hair Biz Stands up Despite a Down Economy