The state of hair can tell us a lot about the state of the economy, says business contributor Rebecca Harris. According to Harris, beauty salons are not only a big business, employing close to 2 million people in a $50 billion market, the recent growth of the beauty industry gives us an idea of the extent of America’s economic recovery.
“People are starting to spend more and more on hair salons,” Harris says. Furthermore, in the world of hair, “big companies and small companies can really compete.”
While beauty salons are obviously profiting from the uptick in customers, there are also a number of trends including blow dry bars, where customers pop in to have their hair styled on the fly, and the proliferation of upscale barber shops for men looking to treat themselves to a slick new look.
