The beauty spa industry is the most valuable industry in the world, according to a report by investment firm S&P Dow Jones Indices.
The number of spa, spa treatment and beauty spa businesses in the U.S. increased 8.4 percent from 2015 to 2016, but the report notes that the industry is still struggling with a lack of quality, consistent, affordable products and services.
The study, published Tuesday, also found that the number of beauty spa professionals fell by 3.6 percent over the same period.
The overall industry revenue declined 9.3 percent from 2014 to 2015, and the number and percentage of companies with fewer than 10 employees fell by more than 8 percent.
According to the report, the industry experienced a “fade in the middle” between 2016 and 2017, with revenue growth slowing in 2017, and then recovering slightly in 2018.
However, there is a bright spot in the market: There are nearly 500,000 cosmetic and beauty-related businesses in America, which is up from about 50,000 in 2017.
The report states that this increase in growth and growth in number of businesses is due to a number of factors, including new regulations, the introduction of a new beauty-specific insurance plan, and expanded customer base.
The report notes, however, that some of these factors are likely to remain static for the foreseeable future.
“The beauty spa sector is still a young industry with a lot of growth ahead of it, but it will be challenging to sustain its growth in the short-term, said Chris Whelan, senior vice president of research at S&P Dow, in a statement.
For example, while some states and cities have enacted legislation that require cosmetic and body care products to be tested on animals, the report noted that a lack (or lack of awareness) of the animal testing requirements may mean that some products are still not tested on those animals.
Also, the U;s current regulatory environment, while changing, does not yet provide the industry with enough clarity on the way forward to enable it to expand and create more jobs, Whelans stated.
In addition to improving quality and safety of cosmetic and spa products, the beauty spa market is also benefiting from changes in how consumers perceive beauty.
The survey states that people are increasingly viewing beauty as a way to enhance their appearance and wellness, and is the number one reason people visit beauty salons.
In fact, in the 2017-2018 survey, beauty-focused sites accounted for more than one in four visits, according the study.
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The beauty industry needs to grow and evolve to be an important and sustainable part of our communities and economy,” he said.
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