Close shave: Inflationary pressures may constrict stronger revenue growth
Barber shops are made up of establishments that are primarily engaged in cutting, trimming and styling hair and beards for men and boys. Through the end of 2023, barber shops have performed well, as revenue grows at a CAGR of 0.6% to an estimated $4.9 billion, including a 3.9% reduction in 2023 alone. While there hasn't been a significant or notable uptick in demand for barber shop services over the past five years, a steadily growing population has contributed to revenue growth by providing barber shops with a larger customer base. This trend was disrupted in recent years by COVID-19, which contributed to a slump in consumers' spending and caused barbers to generate less money per person in 2023 than they did in 2018. Nonetheless, the use of social to market barber shop services helped bolster core revenue streams, since consumers may be motivated to see a high-end barber, after seeing a new hair style on Facebook or Instagram. These trends helped barber shops offset major volatility amid COVID-19 and deliver a strong performance in revenue over the past five years.
Barber shops include men’s hairstylist shops primarily engaged in cutting, trimming and styling men’s and boys’ hair. Barber shops also shave and trim men’s beards. This industry does not include companies that primarily offer training in barbering or hairstyling.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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Methodology
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