Cutting back: Falling real household discretionary income is trimming revenue
The Hairdressing and Beauty Services industry is facing a volatile trading environment. Robust growth in household discretionary incomes underpinned revenue growth over the three years through 2019-20. Weak consumer sentiment and temporary industry closures due to public health restrictions implemented to curb COVID-19 reduced demand and revenue for hairdressing ad beauty services in 2020-21. The consumer confidence index is expected to continue plunging over the two years through 2022-23 in the face of high inflation and fears of a global recession. Revenue for hairdressing and beauty services operators is expected to contract at an annualised 1.8% over the five years through 2022-23, to $1.1 billion. This trend includes a revenue drop of 4.6% in 2022-23 amid gloomy domestic and global economic outlooks as consumers cut back on their non-essential spending.
Industry operators mainly provide hairdressing services or beauty services, such as nail care services, facials or make-up application.
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's key players and their market shares.
Table of Contents
Methodology
LOADING...
