While waiting to go on the air at Fox 2 last week, the morning co-anchor, Randi Naughton, and I were talking about the economy and how tough things are getting for a lot of businesses. Some of our favorite restaurants have closed and many area shopping malls have empty space as consumers cut back on discretionary spending.
So are there any businesses that aren’t affected by the current economic decline? Randi and I both said hair salons. We, like most women, are willing to cut a lot of things out of our budgets, but don’t ask us to give up our salon visits. Forget the morning lattes and I’ll brown bag it for lunch, but my cut, color and blow dry is mandatory.
Our pre-show quips, piqued my curiosity so I decided to do some research. Is the hair biz recession proof? First, I turned to my friend Pete who owns two salons and has been in the industry for more than 35 years so he’s seen lots of economic ups and downs. “People don’t want to let themselves go, even when money is tight. However, some customers will book appointments less frequently – stretching the time in between a little a longer,” he said.
National data on the salon-industry shows. There are some 75,000 beauty salons in the burgeoning beauty business – a $16 billion industry. When you add an additional 5,000 men’s hair salons and barber shops to the picture; hair care and personal services equals a lot of small business jobs!
Although my friend Pete remains fairly optimistic about his business, he notes that it is still important to manage prudently, continue marketing and take good care of your customers.
So is the hair biz recession proof? You tell me.