The beauty industry continues to thrive despite economic pressures, as Square's survey of 2,000 beauty business owners reveals. Business owners focus on creativity, operational efficiencies, and client experience amidst rising operating costs. Consumers are prioritizing beauty services, with many willing to spend more on treatments and products. In response to economic changes, 71% of owners plan to increase prices, shifting towards upsells and service enhancements, driven by a strong consumer willingness to buy recommended products from trusted beauty professionals.
Raising prices may feel risky, but for many beauty professionals, it is becoming a necessity. With operating costs rising and wage laws tightening, 71% of beauty business owners report that they plan to increase their prices this year.
Beauty leaders are embracing the upsell, and clients are saying yes. 55% of consumers said they regularly purchase products recommended by their service provider, and 46% reported buying retail items from a local beauty business at least once in the past year.
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