According to Custom Market Insights (CMI), the global Salon Market size was estimated at USD 258.42 billion in 2023 and is anticipated to reach around USD 480 billion by 2032, recording a CAGR of roughly 7.46% between 2023 and 2030.
Salon Market: Growth Factors and Dynamics
The salon market is driven by various dynamics that affect its growth trajectory. One of the major drivers is the increasing demand for personal grooming services among consumers. With rising disposable income and the growing popularity of beauty and wellness treatments, consumers are increasingly seeking out salon services for their hair, skin, and nails. Moreover, the market is driven by effective client and employee management, as well as marketing and promotional activities, which help to attract and retain customers.
Other drivers of the salon market include the growing popularity of natural and organic hair and skin care products, increasing interest in specialized skin care treatments, and the rise of the men’s grooming segment. However, the market faces challenges such as the high cost of salon services and the threat of competition from alternative channels such as e-commerce platforms selling beauty and personal care products.
Salon Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the global salon market. The temporary closure of salons due to government-imposed lockdowns and social distancing measures led to a decline in the demand for salon services. Moreover, the fear of infection among consumers has resulted in a reduction in footfall at salons. However, the salon industry has also witnessed a shift in consumer behavior, with more people preferring to book appointments in advance and prioritize safety and hygiene while choosing salons. To meet these new demands, salons have been implementing safety measures such as regular sanitization of equipment, mandatory use of masks and gloves, and limited occupancy to ensure social distancing.
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The pandemic has also accelerated the adoption of technology in the salon industry, with more salons investing in online booking and payment systems, as well as virtual consultations and tutorials. Overall, while the salon industry has been negatively impacted by the pandemic, the shift towards safety and hygiene, as well as the adoption of technology, could present opportunities for growth and innovation in the future.
List of the prominent players in the Salon Market:
- L’Oreal SA
- Regis Corporation
- Ratner Companies LLC
- Great Clips Inc.,
- Franck Provost Paris.
Table of Contents: https://www.custommarketinsights.com/report/salon-market/#table-of-contents
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