Cosmetology Industry’s Rock Solid Future
At any college fair you will hear from any number of people how and why you should choose this direction, that school, some industry, etc. What if you followed your heart and were able to do something you loved, and didn’t have to live the life of a starving artist to do it?
To some, the business of beauty might seem trivial or frivolous, but cosmetology is a profitable and thriving industry. During the economic recession of the past decade many people were forced to cut back their monthly expenses on all but the bare essentials. Massive layoffs swept the nation, but the cosmetology industry stood strong – out performing other industries in the private sector. The cosmetology industry is a $42 billion industry and has maintained steady growth, despite an economic recession. It is no wonder why cosmetology is so alluring.
The cosmetology industry employs more women business owners than any of industry in the nation, according to The U.S. Department of Labor. Independent salon owners, who operate on their own without employees on payroll, have enjoyed the strongest gains in the cosmetology industry over the past 10 years. The number of salons and spas owned by independent stylists has increased 78 percent in the past ten years, and their sales have increased nearly 99 percent (according to recent figures compiled by the Professional Beauty Association and the National Cosmetology Association).
Salons and spas with staff on payroll have also seen significant growth- increasing 15 percent over the past decade, with sales increasing 47 percent.
Job growth in the cosmetology sector has outpaced overall employment growth in the U.S. economy, and experts project that trend will only continue. Since 2000, the cosmetology industry has increased its total employment by more than 18 percent, adding nearly 75,000 new jobs, and is expected to continue to grow another 25,000 between now and 2020, according to The U.S. Department of Labor & The Federal Bureau of Labor Statistics.
Brad Masterson, of the Professional Beauty Association, said “salons and spas are able to maintain strong business due to a loyal customer base and the fact that they provide a service their customers view as a necessity. Even when money is tight, people still want (and need) to get their hair styled or receive other beauty services,” Masterson said. “This is particularly true when more people are out looking for work and need to maintain their personal appearance for job interviews,” he added. “The cosmetology industry is relatively recession-proof.”
Whether you are considering someday owning your own salon,