This year was a trying time for small businesses, especially salons and barbershops. Between closures and new protocols, salon owners, stylists and barbers faced unimaginable challenges. What became verified once again, in addition to the pure resilience and dedication of the beauty industry, was the huge impact the salon industry has on the US economy as a whole.
The #KeepUsWorking movement, led by Floyd’s 99 Barbershop and including global beauty names Wahl, Titan Barber, Robert Cromeans, Collin Caruso and independent salons, barbershops and workers across the country, highlighted this in a report.
Here is a review of the economic impact of the US beauty industry and its workforce:
- 47 percent of the salon industry workforce are minorities
- 60 percent of salon businesses owners are women
- Employs more than 2.3 million workers in the US
- Generates more than $57 billion in sales each year
- More than $37.7 billion paid in wages each year
- Over $3.7 billion in income taxes to federal and local governments each year
- More than 1.2 million salon industry shops
- The majority of salons are locally owned, small businesses
- The Bureau of Labor Statistics projects a growth of 10 percent jump in career opportunities for barbers, hair stylists, and cosmetologists over the next 10 years -- well above the national average
- A historically leading industry for job growth