Rising disposable income has boosted demand for aesthetic wigs and hairpieces
New York, NY (PRWEB) August 21, 2014
The Wig and Hairpiece Stores industry represents a niche product retailer within the hair-care sector. The industry caters to two distinct consumer groups: individuals that purchase wigs and hairpieces for aesthetic purposes and those that purchase them because of a medical condition or treatment that leads to hair loss (wigs for the latter group are known as cranial prosthesis). During the recession, demand for aesthetic wigs and hairpieces contracted. Consumers cut unnecessary items from their budgets or substituted for inexpensive wigs and hairpieces. However, as the economy has recovered over the five years to 2014, rising disposable income has boosted demand for aesthetic wigs and hairpieces. This trend is expected to continue through 2014, leading to revenue gain during the year.
According to IBISWorld Industry Analyst Britanny Carter, “Advanced technology has improved synthetic hair capabilities over the past five years and demand for this hair product segment has consequently grown.” For example, synthetic wigs were historically prestyled and damaged if exposed to heat. Now, new fiber technology allows consumers to style wigs to the wearer's preference with heat tools like curling irons. While human hair is still preferred over synthetic hair, human hair products command premium pricing. By contrast, synthetic hair wigs is less expensive. The lower price and improved capacities of synthetic hair have consequently boosted sales, making the segment a growing share of industry revenue over the past five years.
Over the next five years, revenue for the Wig and Hairpiece Stores industry is projected to rise at an annualized rate. “The industry will primarily benefit from improving per capita disposable income, which will boost demand for discretionary purchases of wigs and hairpieces,” says Carter. Demand for medical-use hairpieces is also expected to strengthen in line with the rising average age of Americans; older-age individuals are more prone to health conditions that may result in hair loss, so they are more likely to purchase wigs or hairpieces.
For more information, visit IBISWorld’s Wig & Hairpiece Stores in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld.
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189.
IBISWorld industry Report Key Topics
This industry includes stores that primarily specialize in selling wigs, hairpieces and hair extensions for aesthetic and medical purposes. This industry does not include retailers that primarily provide wigs and hairpieces via electronic mediums.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.