The health and beauty industry goes far beyond makeup and a trip to the spa. Bringing in billions of dollars each year, the health and beauty industry is a major contributor to the national economy.
Health and beauty: a broad industry
The health and beauty industry covers a wide array of services and goods geared towards helping customers feel and look well and healthy. According to the United States Census Bureau, the personal care services industry, as it is also known, can be divided into several subcategories:
Diet and Weight Reduction Centers
Spa Service Hotels
Other Personal Care Service Centers.
These categories can be even further specified, however, these are the primary classifications that are nationally recognized within the industry.
They say to treat your body like a temple & the public is willing to pay.
Currently, hair salons provide the key money-making service in the industry, bringing in roughly $44 billion each year, according to IBIS World. This service is followed by beauty and cosmetics, which makes an annual $22 billion in revenue. Other sectors such as massage services, waxing, tanning, and chiropractic care make less annually but play a key role in the industry nevertheless.
With the industry currently bringing in an annual $2 billion, many physicians expect to promote weight loss apps and programs in the coming year.
With many people opting for a more health-conscious lifestyle in recent years, it is anticipated that the weight loss sector will see an increase in revenue over the next several years to come. With the industry currently bringing in an annual $2 billion, many physicians expect to promote weight loss apps and programs, according to IBIS World.
Celebrities no longer dictate demand.
Much of this industry has been historically driven by celebrities or public figures, whether it be through sponsorship or merely personal preference. Today, however, trends are largely driven by popular media–more specifically, social media. With daily, and sometimes even hourly, updates, businesses use social media and social media influencers to promote products, goods, and services they produce.
Today, trends in the industry are driven by popular and social media
According to the Bureau of Labor Statistics, the industry employed nearly one million people and the numbers are anticipated to grow, particularly in states like California and New York. The most popular categories of this industry are hair care and skin care, which continue to expand, especially as businesses begin to broaden their clientele, appealing to male demographics as well.
The most popular categories of this industry are hair care and skin care, which continue to expand, especially as businesses begin to broaden their clientele, appealing to male demographics as well.
In recent years, as the general public has also grown more attracted to general health, further contributing to the personal services industry. Organic or sustainable products represent a key outgrowth of this trend. Once a small part of the industry, the demand and popularity of organic, environmentally conscious beauty products has grown significantly in recent years.
Is the Health and Beauty Industry Right for You?
The health and beauty industry has the potential to bring a very high return on investment, however, this success requires a lot of research. This is an industry that changes quickly and is seemingly constantly changing and expanding. If you’re someone that is passionate about the industry and constantly tracks relevant trends, this may be a good industry for you.