The beauty industry has a strong history of surviving economic downturns which makes it one of the most recession-resistant industries. As a potential franchise investor, recession-resistant opportunities are the most appealing because they can better protect your investment. According to a report, the global beauty market was valued at $528.59 billion in 2022 and is projected to be worth an incredible $663.01 billion by 2027. If you’re heavily considering purchasing a beauty focused franchise, now could be a great time.
COVID-19’s Impact on the Industry as a Whole
The recent COVID-19 pandemic put the beauty industry to the test. With lockdowns and social distancing measures in place, many businesses were forced to shut their doors, causing in-store sales to see a drop that not even online shopping could make up. The joy of grabbing a new lip color or trying a new highlighter didn’t have the same appeal with all of the mask mandates at the height of the pandemic. However, with the rise in Zoom videoconferencing, people were forced to stare directly at themselves on their computers, which encouraged some to consider medical options.
According to Yahoo!, “the Zoom effect” caused people to consider more drastic measures to remedy their wrinkles and under eye bags. Since people were no longer able to travel, they found other ways to spend their disposable income. Instead of putting their money into cosmetic products, consumers turned to medi-spas and plastic surgeons during the thick of COVID-19. With the increased concern around hygiene and cleanliness, medi-spas were viewed as “safe” options because they’re sanitized facilities. Plus, there’s an M.D. on staff – increasing client confidence that their health would be prioritized.
What About the Waxing Industry?
The waxing industry is projected to continue growing in the coming years. According to a report, the global market is projected to grow at a compound annual growth rate (CAGR) of 7.9% from now until 2028 – totaling a value of $4.5 billion by the end of the forecast period. According to the study, this growth can be attributed to consumers considering waxing services to be part of their regular hygiene routine, making hair removal services a necessity.
At Uni K Wax, we understand the importance of hygiene and cleanliness. Long before COVID-19, our studios prioritized the health and safety of our customers. We have our One Wax Guarantee: One wax pour. One wax warmer. Individually prepared for each visit. Each of our franchise locations has their own wax lab where our proprietary ElastiK wax blend is prepared fresh for each customer. There is absolutely no double dipping!
Franchise with Uni K Wax
The beauty industry has proven itself to be recession-resistant. Built on a foundation of self-care and personal improvement, the market will always be present, regardless of the state of the economy. People like to look and feel their best, and they’re willing to invest in products and services that help them achieve that goal. For many consumers, it’s not just about vanity, but instead about self-care – which now more than ever has found a place in people’s routines.
With the waxing industry on a trajectory of growth over the next few years, now is a great time for new or experienced entrepreneurs to earn their place in the market with a viable franchise opportunity. Part of what makes waxing a profitable business is the diversification of services. At Uni K Wax, our locations offer over 160 head to toe hair removal services, as well as our own line of after-care products for clients to take home. So you can feel good about helping people feel comfortable in their own skin while growing a stable and successful business at the same time.
To open a Uni K Wax studio, franchise candidates should have a net worth of $300,000 and $70,000 in liquid capital. Initial startup costs to own a franchise with us range between $349,050 and $575,975, which includes our $40,000 franchise fee.
To learn more about our franchise opportunity within the recession resistant beauty industry, request information on our website and one of our representatives will be in touch.