Why the Beauty Industry Is Recession Proof
It might be easy to dismiss the beauty industry as a business that specializes in luxury, which would make it the first on the chopping block during a recession. However, this is far from the truth. The “Lipstick Effect” is described by Investopedia as, “a theory that states that during periods of recession or economic downturn, consumers will eschew purchases of big-ticket luxury items and seek material solace in smaller indulgences, such as premium lipstick.” This means that when economic hardships occur, people look to inexpensive ways to pamper themselves to keep up appearances as well as their self-confidence. This behavior within the general population means big business for those in the beauty industry, and here’s why:
Beauty Industry Is Expecting Substantial Growth in the Near Future
The financial forecast for the beauty industry is looking good despite growing concerns of another recession approaching. According to the Los Angeles Times, the Bureau of Labor Statistics expects that by 2020, “customers will need 15.7% more hairdressers, hairstylists and cosmetologists [which means that] nearly 98,400 positions that will need to be filled” in the U.S. alone.
Luxury at a Bargain Can Really Add Up
A MAC eyeliner here, a manicure there, these small pick-me-up purchases can really add up. Style Caster states that, “while the rest of the economy is suffering, beauty salon sales grew at a 5.4%.” So, even though most other industries find themselves in an unfavorable position during a depressed economy, beauty not only remains strong, but in fact sees considerable growth. Because of this, those already established in the beauty industry will reap the unexpected benefits of working during a recession.
Most Beauty Services Have Built-in Renewal
Eyebrows need to be maintained to keep their perfectly sculpted shape. So to avoid the dreaded eyebrow stubble, customers have to ensure that they keep a regular appointment with their esthetician. Oh, and try doing a perfect Shellac manicure and then try getting it off by yourself! Unless you’re a professional, it’s likely that these and other beauty services need to be outsourced to a trusted beauty professional for customers to make the most of their personal investment. While the aesthetic of the procedure or service lasts for a little while after, which makes for a happy customer, the fact that this positive feeling needs to be updated on a regular basis means that even in a recession, customers will be coming back for more!
Are You Eager to Have a Career in the Beauty Industry?
The beauty industry is a thriving one, even when the overall economy isn’t.
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At Evergreen Beauty College, you get hands-on training from staff members who work in the industry, as well as practical experience in our salon.