The Nail Salons industry is expected to continue growing over the next five years, with estimated revenues reaching $23 billion.
Rising per capita disposable income will drive revenue gains because it will enable more consumers to indulge in the discretionary services this industry offers, instead of relying on home-use products. With greater disposable income, consumers can increase their spending on higher-value nail services, including gel nails, which are a high-growth segment for the industry. Additionally, the industry’s largest consumer base, adults between the ages of 20 and 64, is expected to expand at an annualized rate of 0.2%.
During the next five-year period, industry salons are also expected to increasingly expand into full-service salons, which will enable operators to diversify their customer base and mitigate revenue fluctuations. A greater propensity among nail and waxing salons to offer diversified services will also boost growth. An estimated 33.0% of salons currently characterize themselves as full-service salons; this figure is expected to rise over the next five years. This diversification will likely include a greater line of anti-aging remedies, which are a high-growth segment.