Brisbane’s booming beauty industry has made it a hotspot for salons and salons have become a booming business.
According to a new report, the booming salons market saw a 25 per cent increase in revenue between July 1 and June 30, with a further 35 per cent in August, according to data from the Australian Beauty Industry Association (AAIA).
According to the AAIA, the beauty industry is expected to reach $1.1 billion by 2019, and that’s a 20 per cent growth in a decade.
The industry is also expected to account for nearly a quarter of Australia’s gross domestic product, according a 2016 report by the Australian Bureau of Statistics (ABS).ABS estimates that Australian women spend $16 billion on their appearance each year, and the industry is worth more than $1 trillion.
“The beauty industry employs more than 10,000 Australians, and employs more women in Australia than the average Australian man,” the AAIPA said in a statement.
“In the last decade, there has been an unprecedented increase in the number of salons in Australia.
This growth is fuelled by a variety of factors, including the internet, the proliferation of social media, the rise of beauty services such as BeautyBliss and the popularity of online beauty tutorials.”
It’s not just brisbowings and saloons that are getting into the beauty business, with many online services such in-person appointments and in-store sales, and even the sale of skin care products.
In a recent report by financial services firm Fidelity, the company said it expects that “over 90 per cent of all beauty and body care products sold will be online”.
“Online sales will account for more than 80 per cent (of sales), with the majority of online sales occurring in the UK, Canada and Australia,” the report said.ABS data showed that beauty products have been growing rapidly in popularity in Australia over the past decade.
According a recent analysis by the Financial Services Inquiry, the market for beauty products grew by a whopping 22 per cent between 2009 and 2020.
“Over the last few years, consumers have become more savvy and are increasingly looking to spend less on cosmetics, and instead spend more on personal care products,” the study said.
“A growing number of women are finding it easier to spend more, and with less to lose in a beauty overhaul, more are finding that their beauty routine is more enjoyable and less stressful.”
The AAIA also reported that there were more than 1,500 beauty salons operating across Australia, representing nearly one-fifth of all salons.
“Salons are one of the most popular retail outlets for beauty, with salons employing more than one million people and generating more than half of the country’s beauty revenue,” the group said.
According the AAI, salons are also an important part of Australian life, with nearly 40 per cent employed in hospitals, more than 75 per cent on the road, and more than 40 per, on the playground.
“It is important to note that salons offer many services to their clients, and saloon owners have an important role in shaping their businesses,” the AIA said.