Figures do not lie, the Hair Extension Market in the United States keeps on growing
The second quarter ’16 showed a 6% growth of Consumer Expenditures on Hair Care and Salons visits measured against the same quarter in 2015. An amazing total amount of $ 144 billion. But also the import and domestic consumption of Human and Synthetic Hair picked up last year again as the trade figures show.
So if you still have your doubts if there is room enough to find your place on the Hair Extension Market in the US, you should now stop having doubt and start your hair store. Jump on the train, or decide to dream about a future in another Industry.
Higher Consumer Spending Hair Care
To define the size of your potential market, you can look at the total amount your target audience has spent on the products you want to sell. Not only the size but even more important is the trend in the market. Investors are always keen to invest in a growing market. Show them the graph below and you will convince them. More than 9 quarters in a row there is more demand in the following quarter. This is a very healthy and beautiful market.
The data from the US Bureau of Economic Analysis does not share data for only hair care products, but do include dental en shaving personal care products. But the trend is clear, it’s a growth market and this is supported by the expenditures on visits to salons.
Domestic Hair Consumption Grows
No information is available on the level of hair extensions sales in the stores, but based upon the trade information, import minus export, the domestic consumption of products related too human and synthetic, can be shown. It shows the consumption has increased from 2007 to 2015 with 43% to $ 860 million, but has known a decline in 2013 and 2014, but picked up again in 2015. There is a growth in demand, but this is not a year over year growth.
Finally, a good indicator to understand the future of the hair market you are going to enter is to use google trends and to follow for what items your target market is looking for.
In the graph below you can see the interest for wigs, also closures is growing the last months. Use this to do some extra market survey and focus your product offering on the demand in the market, you will notice, this is selling easier than offering the hair extensions what you like!
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