Nail polish and lipstick may not be the only beauty industries that get a bit of extra attention during tough, economic times. While the rest of the economy is suffering, beauty salon sales grew at a 5.4% rate last year and in 2010. It may not seem like much, but when the rest of the world is down on hard times, the American hair industry is actually turning a profit.
According to an article in the LA Times, by 2020 customers will need 15.7% more hairdressers, hairstylists and cosmetologists — nearly 98,400 positions that will need to be filled. That’s right, the hair industry may actually be hiring.
“From 2009 to 2010, the overall hair-care market grew 2.3%, according to the report, with shipments of hair-care products reaching $1.9 billion. In the same stretch of time, hair color shipments increased 6.3% while smoothing and straightening treatments jumped 3%.”
So what does this mean for society? When times are hard do we feel more entitled to a bit of pampering? When you’re down on your luck what beauty product or treatment do you splurge your hard earned pennies on?