The best hair salons in the US have a $10-20 million annual profit, making them a valuable asset for the bottom line.
The hair industry has long been in crisis.
Its loss of customers has been staggering, and its revenue is down by about $40 billion a year, according to Forbes.
Now, however, the industry is seeing signs of life.
With the rise of Instagram, the number of beauty influencers, and a burgeoning internet-savvy audience, the salons that cater to the younger crowd are starting to attract attention.
The number of hair saloons has grown from about 500 in 2004 to more than 700 now, according the National Hair Institute.
And as the industry becomes more profitable, it’s looking to expand.
With the rising popularity of Instagram and social media, salons are starting in the same locations as the original salons.
“People are taking photos of their hair at the salon, or even going to the salon with their hair, and sharing that,” said Sara Denton, an associate professor at the College of Nursing at Texas Tech University.
Denton is also one of the experts on the topic.
What’s your favourite hair salon?
Leave your answers in the comments section below.
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