Source: https://www.yodlee.com/data-analytics/its-cut-and-dry-spending-personal-grooming-down-last-year
Months into the global pandemic, salons and barber shops are slowly opening back up at different stages, but the industry as a whole remains hit hard. An analysis of spending at personal grooming retail outlets (haircuts, barber shops, spas, salons etc.) reveals that this industry has been severely affected by COVID-19. The number of transactions saw a drop of 25% compared to last year during the week ending on March 11, culminating in a precipitous decline of 90% during the week ending on April 7. Spending trends in this category during the pandemic have remained relatively stagnant since the beginning of the Summer. The personal grooming industry is fragmented, comprised of more than one million small businesses in the United States.
Salons and barbershops have had staggered re-openings across the country. Reopening guidelines in New York City and other major cities require strict adherence to rules to keep both customers and employees safe. As consumers begin to make appointments once again, safety is top-of-mind for those seeking a much-needed haircut. According to the Professional Beauty Association, the majority of customers are “reluctantly returning for fewer services or vacillating on whether to make an appointment.”
To learn more about the data behind this article and what Yodlee has to offer, please reach out to Dylan Curtis at Dylan.Curtis@yodlee.com.
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