The beauty industry is undergoing significant changes as business owners adapt to economic pressures. A survey by Square of 2,000 beauty professionals in several countries reveals that while consumers are spending less on retail and dining, they still prioritize beauty services and wellness. As a result, beauty businesses are focusing on new revenue streams, enhancing loyalty programs, and integrating technology to refine client experiences. Notably, 71% of beauty owners plan to increase prices, embracing upsells and service enhancements, with consumers expressing willingness to support these changes.
Every year brings a fresh wave of viral moments, but successful beauty businesses thrive through creativity, innovation, and improving client experiences amid economic challenges.
Square's survey of 2,000 beauty businesses indicates that while consumer spending has declined in retail and dining, beauty services remain a priority.
A significant 71% of beauty business owners plan to increase prices this year due to rising operating costs, yet consumers are receptive to these changes.
The report reveals that beauty leaders are not just raising prices, but strategically diversifying their revenue streams through upselling and enhancing service offerings.
Collection
[
|
...
]