What’s in the future for the barbershop industry?
To understand its future trajectory, let’s delve into the current market landscape.
This analysis will explore:
- Market size and growth: We’ll examine the current market size of the barbershop industry and identify any recent growth trends.
- Client preferences: Understanding what factors influence customer choices allows barbershops to tailor their services and offerings.
- Popular services: We’ll explore the most sought-after services in today’s barbershops.
Additionally, we’ll discover how innovative barbershop management software like MyTime can equip businesses to navigate industry changes, optimize operations, and attract new clients.
Barbershop Industry Market Size
In 2023, the barbershop industry was valued at $4.9 billion (based on the profit). By 2026, the projected worth of this market is estimated to reach $26 billion.
What contributed to this revenue growth? According to IBIS World:
“While there hasn’t been a significant or notable uptick in demand for barber shop services over the past five years, a steadily growing population has contributed to revenue growth by providing barber shops with a larger customer base.”
Pro Tip: Move beyond generalized industry statistics. Making data-driven decisions based on your specific barbershop location is crucial for success.
Use detailed and real-time MyTime analytics to track your revenue. Detect the opportunities to increase your profits or use the insights to help your barbers become even more productive.
Another important reason to gather your analytics is that quality analytics is the backbone of successful targeted marketing campaigns that grow your business.
MyTime creates a profile for every client after they book a service. Based on the client data, you can create, launch, and track the results of targeted campaigns.
Who Are Your Clients?
Barbershops typically serve two primary demographics: adults and children. However, the core clientele often consists of men aged 18 to 35.
Due to their focus on shorter hairstyles compared to hair salons, barbershop clients require frequent haircuts. Industry data suggests that 44% of men visit barbershops at least monthly. Furthermore, barbershops foster high client loyalty when they meet customer needs. On average, men remain with the same barbershop for at least seven years, potentially changing barbers only due to relocation.
Understanding this core clientele’s priorities is paramount. The most successful barbershops achieve a balance between providing exceptional customer service and maintaining affordability for their valued customers.
Pro Tip: Get more scheduled appointments with MyTime reminders.
- Automated Appointment Reminders: Send personalized notifications to clients to secure their next appointment. For example, automated reminders can be triggered every two weeks for clients with side cuts, ensuring timely maintenance.
- Growth Marketing Module: MyTime’s growth marketing module allows you to promote products sold in your shop, launch targeted flash sales, offer one-time discounts, or create referral programs that reward and strengthen client loyalty.
The Most Requested Services in Barbershop
While basic haircuts continue to be the most requested service in barbershops, there’s a growing demand for additional offerings. These expanded services may include massages, facials, and specialized grooming products, catering to a more comprehensive client wellness experience.
Otherwise, the seasons change beard and hair styling trends. For example, for the summer of 2024, “Bvrberbros” Barbershop forecasts these styles for men:
- Classic crew cut
- Textured Crop
- Buzz cut
- Slicked back hair
- Long hair with multiple layers
Pro Tip: MyTime’s two-way messaging feature empowers this proactive communication. Clients can conveniently send barbers reference photos of their desired beard or hairstyle. Industry research indicates that 89% of clients prefer messaging as their primary communication method with service-based businesses like barbershops.
The 2-way messaging is part of the MyTime app — meaning barbers can track everything from booking, analytics, inventory, and client communication in one place.
Achieve Success in the Barbershop Industry With MyTime
The barbershop industry thrives on client loyalty. Straightforward clientele typically seek high-quality basic haircuts, and exceptional customer service fosters long-term relationships. Clients value barbers who understand their needs and cultivate a comfortable environment for regular appointments, often monthly.
However, managing a growing barbershop extends beyond client interaction. Streamlining operational tasks like inventory management, online scheduling, and point-of-sale systems is crucial. MyTime supports barbershops to do just that.
MyTime is a comprehensive barbershop management solution designed to simplify every step of your operations, fostering a seamless experience for both barbers and clients.
Benefits of MyTime:
- Enhanced Client Experience: From scheduling the first appointment to finalizing payment, MyTime simplifies the client journey.
- Operational Efficiency: Streamline inventory management, online scheduling, and POS systems, freeing up your time to focus on what matters most – providing exceptional service.
Ready to experience the MyTime difference? Schedule a free demo today and discover how MyTime can optimize your barbershop operations and enable your team to deliver exceptional client experiences.
