The self-care industry is worth over $450 billion and is projected to continue its upward trajectory in 2023. As a potential franchise investor, you have a unique opportunity to tap into this booming industry as it continues to rise. Here are the hottest trends in self-care for 2023 and how they’re impacting the waxing industry.
What is Self-Care?
The World Health Organization (WHO) describes self-care as, “the ability of individuals, families, and communities to promote and maintain health, prevent disease, and to cope with illness and disability with or without the support of a healthcare provider.” Essentially, self-care is the practice of doing what is necessary to keep yourself physically, mentally, and emotionally well. There are actually multiple types of self-care including:
- Emotional self-care: Practicing emotional self-care may look like positive affirmations, taking rest days, getting your nails done, doing an at-home face mask, or even a solo (or accompanied) coffee date.
- Physical self-care: This type of self-care – as it sounds – relates to the health of your body. Prioritizing a proper sleep schedule, exercise routine, and nutritious meals can all be considered physical self-care.
- Spiritual self-care: This doesn’t necessarily mean participating in a religious service – although, it can. Spiritual self-care can be practiced through nature walks, meditating, keeping a gratitude journal, or including random acts of kindness into your day.
The Latest Self-Care Industry Trends
The practice of self-care has been a growing priority for consumers over the past few years and 2023 promises to be no different. This year, consumers are prioritizing wellness, self-care, and holistic approaches to their health and beauty. Some of the top trends for this year include:
- Sustainable and eco-friendly products: Consumers are looking for beauty treatments that not only make them look good but also help to protect the environment. The use of natural, plant-based ingredients is growing in popularity and offers a great opportunity for brands to appeal to environmentally conscious consumers.
- Gender inclusivity: Self-care isn’t just for women. Men are also taking advantage of the benefits of self-care in 2023. Brands are moving away from targeting specific genders to use their products and are instead looking to problem solve. Anyone can have acne, irritation, or large pores, and brands are leaning toward targeting the problem, not the gender.
- Natural beauty over makeup: According to Statista, cosmetic sales have dropped since 2019. However, skincare has remained a dominant segment of the cosmetic market, accounting for about 41% of global cosmetic sales. Industry experts predict that maintaining healthy skin will be the big trend of 2023 versus using heavy, bold makeup to accentuate beauty.
Where Does the Waxing Industry Fall?
The body waxing industry is expected to continue growing well beyond 2023. According to a recent report, the waxing market will increase at a compound annual growth rate (CAGR) of 8.31% from now until 2026 – reaching a value of $321.22 million by the end of the forecast period.
The growth of the market can be attributed to waxing’s ability to complement the current self-care trends. Being a unisex service, waxing appeals to both men and women. At Uni K Wax, we have over 160 head to toe hair removal services to help everyone look and feel their best. Plus, our proprietary wax blend is derived from all natural ingredients and is gluten free and vegan. From our start, we’ve been ahead of the self-care industry curve, prioritizing sustainability, inclusivity, and natural beauty with the products and services we provide.
Uni K Wax: A Top Self-Care Focused Opportunity
Since 1993, Uni K Wax has been taking what was once a back-of-salon, add-on service, and making it the main offering of our business model. Unimpressed by the waxing services she’d received at other salons and studios, our founder and CEO, Noemi Grupenmager, set out to revolutionize the waxing industry altogether. We opened our first studio in South Beach – after six months, the studio was taking 200 appointments a day. Our brand now has locations up and down the East Coast and in Texas with plenty of room to continue growing across the country.
Long before hygiene became a heightened concern for consumers, our brand has been prioritizing cleanliness. We have our One Wax Guarantee: One wax pour. One wax warmer. Individually prepared for each visit. Each of our franchise studios has their own wax lab. This is where we prepare our ElastiK wax blend fresh for each appointment. At Uni K Wax, there is absolutely no double dipping. It’s our mission to keep our clients safe while they indulge in their much-deserved self-care.
At Uni K Wax, we don’t require interested franchise candidates to have previous experience within the beauty, self-care, or waxing industries. However, we do require them to have a net worth of $300,000 and at least $70,000 in liquid assets. Startup costs to open a Uni K Wax studio range between $349,050 and $575,975. This range includes our franchise fee of $40,000.
To learn more about our franchise opportunity, request information on our website and one of our representatives will be in touch.