5 Trends Driving New Beauty Franchise Concepts
Looking good is important to Americans. Demand for beauty services is expected to reach $62 billion by 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 is expected to reach approximately $191 billion in 2024.
There are five exciting beauty trends that are driving innovation in the beauty franchise marketplace.
- Organic: A Harris Poll survey found that 59 percent of women over the age of 35 believe buying green beauty is important to them, while an even larger percentage—73 to be exact—of Millennial women are using only cleaner, all-natural products. They seek out the services of organic hair cutting, skincare, and other franchises.
- Customization and Personalization: It’s clear from the do-it-yourself movement, that people increasingly want to feel they are involved in creating a product they like. Franchises that serve this trend include those that customize perfume, makeup, and skin care products for each client. Their customers have the satisfaction of knowing that something unique was created just for them with their input.
- Anti-Aging: Who over 35 doesn’t want to look and feel healthy and younger? The global anti-aging market is expected to reach $331.41 billion by 2021 according to OrbisResearch.com’s “Global Anti-Aging Market Research Report and Forecast to 2017-2022” report. As a result, franchises that focus on rejuvenation are booming.
- Infant and Young Children: Millennial moms are increasingly seeking out franchises that provide products and services that are specifically focused on serving children whether it be skin care products or haircuts. Just like beauty spas for adults, kids' spas are popping up that offer a full range of treatments for their young customers, including foot spas, massages, skincare, manicures, pedicures, hair-styling, and make-up.
- Men-Centric: Men’s medicine cabinets used to feature shaving cream and cologne. Today, you are likely to find them stocked with a variety of products ranging from cleansers to—all designed specifically for men. The growth of the male grooming products market is being driven by an increasing desire of among male consumers to look and feel good. The global male grooming products market is expected to reach $ 78.6 billion by 2023, according to IMARC Group’s "Male Grooming Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023". This trend is benefitting franchises that focus on making men look good such as male-centric hair salons and those that go beyond hair cutting and shaving services to also provide manicures and pedicures.
Investing in a beauty franchise offers many advantages, chief among them knowing that you are making people happier by helping them look and feel great. As you start researching beauty franchise options, you may well be surprised by the number of options to choose from. A good way to narrow down your choices is to ask yourself these eight questions.
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