III. Industry Analysis
Wigs have been a part of style and fashion for centuries. In the past, wigs exemplified power and position and created lasting fashion trends. In current times, people use wigs to express themselves when they can’t do so with their normal hair. Wigs also help those who have lost their hair from accidents, various health conditions, or natural aging. It’s not always easy to live with hair loss, and wigs help those individuals feel normal when their body doesn’t. Therefore, wigs continue to be in popular demand and will be for the foreseeable future.
Furthermore, there is a growing awareness of various conditions that cause hair loss, such as alopecia. With this increasing awareness, wigs will be in more demand as an option to help these people cope with their conditions.
Wigs are also an important asset to several other industries, such as the beauty and film industries. As those businesses continue to thrive, the wig industry will continue to prosper as well.
According to Grand View Research, the current wig industry was valued at $6.13 billion last year and is expected to grow at a compound annual growth rate (CAGR) of 8.0% over the next five years. This is significant growth that is sustained by all the factors mentioned above. Therefore, the data shows that this is the perfect time to start a new wig shop.
