Beauty Franchises Feed Americans' Beauty Obsession
America ranking #1 when it comes to countries that have the most plastic surgery procedures in a report by the International Society of Aesthetic Plastic Procedure (ISAPs) is just one key indicator of our culture’s obsession with looking as good as possible. In the U.S., 4,217,862 cosmetic procedures are performed per year. Brazil, which is ranked #2, has 2,524,115 per year while Japan, which is ranked #3, has 1,137,976 per year. This obsession is being fed by increasing exposure to idealized beauty – think Kardashians plastered all over Instagram. As a society, we are barraged with images that make us feel we don’t look good enough, which prompts us to do what we can to look better.
According to a 2017 “The True Cost of Beauty” Groupon study asking 2,000 Americans the amount of money they spend on their appearance, women spend nearly a quarter of a million dollars in their lifetime. The women surveyed spend an average of $3,756 a year (or $313 a month), which adds up to $225,360 throughout their entire lifetime (ages 18-78). Male respondents said they spend an average of $2,928 per year (or $244 a month), totaling $175,680 or about one-fourth (22 percent) less than women throughout their lifetime.
The amount of money Americans spend on how they look combined with the fact that there is no age limit for vanity, means the U.S. marketplace is huge for beauty franchises. 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.
Americans’ willingness to spend time and money on looking good, makes beauty franchises more recession-proof than other businesses. In addition, there is a wide array of beauty franchise models to select from. If you are considering investing in a beauty franchise, it’s important to do the right research and preparation. A good place to start is by learning what owning a beauty franchise is like. Next, be sure to ask yourself crucial questions to determine which beauty franchise is right for you. Finally, you need to decide if it makes sense for you to open one or multiple beauty franchises.
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