III. Industry Analysis
[Company Name] competes against small, individually owned tattoo shops and major regional or national chains. There are 29,235 Tattoo Artists businesses in the US, an increase of 6.2% from last year. The tattoo industry generates an estimated $1.7 billion in revenue. Tattoos and body art in the U.S. have soared in popularity lately, especially amongst Millennials, fueling an industry comprised of 20,000 tattoo parlors or studios. The industry, which also includes body piercing and tattoo removal, is estimated to be worth $3 billion and is growing strongly.
The Tattoo Artists industry has exhibited growth over the last five years, partially due to the popular culture, which includes tattoo-related reality television programs, which have made tattoos less cultural taboo. In addition, individuals have continued to demand customized tattoos with intricate designs rather than predesigned tattoos.
Going forward, the tattoo artists industry will continue to grow, as the US population will likely become increasingly tattooed. Also, cultural and religious taboos surrounding tattoos and people having tattoos on their bodies have increasingly faded, leading to strong growth in demand for tattoo artists.
Lastly, it is becoming a trend from finding tattooists or tattoo studios, stepping up their designs to 3D, and going beyond having a tattoo design catalog to leveraging social media platforms such as Instagram, Facebook, Twitter, and YouTube, etc., to display their tattoo designs.
