COVID-19’s short–term impact is, without question, greater than the 2008/09 recession. Will the industry’s post-pandemic performance mimic that of the previous “New Normal”?
Salons, along with all other non-essential businesses, will be closed throughout much of the United States for weeks, if not months, to come. While some stopgap and entrepreneurial measures are in place to help stave off business closures (e.g. DIY salon services/kits; virtual and mobile stylists), the economic impact is already significant and, like the pandemic itself, has yet to reach its peak. If the vast salon closures are in place even for only one month, the loss in industry service revenues will be an estimated $5.5 billion. With a recession beginning, consumer behavior and spending in 2020 will shift even more dramatically than it did in 2009.