BY THE NUMBERS: THE HAIR EXTENSIONS BIZ

When it comes to hair extensions, they’re swiftly becoming a juggernaut of profit, growing at a rapid pace through the close of the decade. We round up some of the surprising and shocking numbers you should know to ride the wave of add-on hair!

Social Media Accelerated Extensions Popularity!

• With Pinterest, Instagram, Facebook and TikTok viral posts the past few years normalizing extensions wefts and wigs, growth has accelerated past projections.

• The hair extensions market in the United States will grow by 8% year over year through 2031 according to a new study by Research and Markets.
  
• By 2031 the global extensions market will baloon to $5 billion.

What’s Trending and Why

• Each year more than 2.3 million people in the United States seek treatment for hair loss, an increase of 16% from 2016. Loss of hair density has driven people to see solutions for longer hair with more density and volume.

• 34% of women say they use hair extensions in their beauty regime. Interestingly, 76% of women said they wear hair extensions because it adds value to their overall appearance. However, 87% of the women who said they wore hair extensions refused to tell other people they were using hair extensions.

• 13% of women in the United States wear hair extensions now, while a whopping 93% say they have considered getting extensions in the future.

The top 3 reasons they wear extensions:

• Increase self-confidence – Women who suffer from thin or patchy hair feel more confident when wearing
  extensions.
  

• Time saving – Hair extensions allow for a low maintenance hairstyle because they do not require constant
  styling and care like natural hair does.
  

• Versatility – Extensions allow for a variety of hairstyles that would not be possible with natural hair due to length and density limitations.
  

The top 4 reasons they DON’T wear extensions:

• Cost – Many women do not know that there are affordable options available.
  

• Time – Women believe that applying and removing hair extensions is too time-consuming.
  

• Damage – Women who have tried one type of extension worry they will damage their natural hair because they were not properly educated on how to use them.
  

• Unsatisfied with previous results
  

When it comes to the hair extension market, women aged 35 to 44 years are its core consumers