The beauty industry is seeing shifts shaped by innovation and consumer priorities amid economic challenges. Square's survey of 2,000 beauty professionals and 4,000 consumers reveals that while retail and restaurant spending has decreased, beauty services remain a priority. Business owners are responding by diversifying revenue streams through upselling, enhancing loyalty programs, and integrating technology. Notably, 71% plan to raise prices, yet 55% of consumers buy products recommended by their service provider, indicating openness to these changes. The 2025 Future of Beauty report emphasizes the importance of creativity in navigating these shifts.
Consumers have trimmed their spending in retail and restaurant purchases but continue to prioritize beauty services and wellness routines, demonstrating a resilience in the beauty sector.
71% of beauty business owners plan to increase prices this year, yet they are diversifying revenue through upsells and service enhancements rather than just charging more.
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