The global personal care and wellness market is on the rise. The Global Wellness Institute values the wellness industry at $4.5 trillion worldwide, with personal care, beauty, and the spa economy accounting for $1.2 trillion. By Sue Bennett
The global personal care and wellness market is on the rise. The Global Wellness Institute values the wellness industry at $4.5 trillion worldwide, with personal care, beauty, and the spa economy accounting for $1.2 trillion.
Much of that growth has been fueled by the expansion of franchises within this segment. Franchise industry experts have announced that they expect personal care and wellness franchises to expand by 17% in the U.S. this year alone.
Here are three reasons for the growth of franchises in this industry.
- Operate a Business in One of the Fastest Growing Consumer Markets
Statista reports that the U.S. is the global leader in spending in this category. Last year, the market was valued at $93 billion, up from $80 billion just four years prior. The vast majority of the market value is attributed to the haircare and skincare segments. Combined, they make up 24% of the overall beauty and personal-care market in the U.S.
By investing in a franchise opportunity with this industry, you can take advantage of the scarcely believable growth rates.
- Align Your Personal Interests to Your Income
Another reason behind the popularity of this sector is that the franchises can align the personal interests of owners with what they do for a living. Many makeup artists, masseuses, and nail technicians, frequently serve clients outside of a regular 9-to-5 job, unable to take their passion full time.
- The Franchising Model Provides a Shortcut to Success
When it comes to the beauty industry, many treatments involve patented and trademarked products from big-brand vendors. Nationally recognized beauty and personal-care brands have agreements in place (sometimes exclusive) to use and supply these products to their franchisees, which is difficult to achieve as a small-business owner.
National brands have done the heavy lifting by investing millions in securing governmental approval for their products and treatments. This takes the burden off the franchisees, who can focus on providing the highest level of service to their customers.
– Sue Bennett
Sue Bennett, CFE, CFC; co-owner of FranFinders, a franchise consultancy and funding company, with her husband Rob, since 2008. They have helped hundreds of clients create wealth through franchise ownership. For more information, visit franfinders.com.