Over the next five years the Barber Shops industry is expected to continue to grow, with revenue forecast to reach $5.2 billion.
The industry is extremely stable and is rarely significantly affected by macroeconomic events
The US population is expected to continue growing at an annualized rate of 0.7%. The increasing population has contributed to revenue growth by providing barber shops with a larger customer base
The use of social media platforms is expected to continue to support the industry. This rise will help the industry attract customers for specialized services. Barbers can use social media to promote their services and showcase their skill to a wide audience. As barbers generate a following for exceptional services, they will be sought out by the consumers who regularly consume their online content. As differentiated barbers become highly demanded, they will be able to raise the price of services as excess demand begins to accumulate as demand from consumers exceeds potential output from the barber shop. Therefore, rising prices for premium products are expected to bolster industry demand for industry products.