Cosmetology

Data Says Beauty Industry Shows Signs of Growth

After going through one the most difficult years, the beauty industry is showing signs of recovery, according to Square Appointments data. Completed reservations at beauty and personal care businesses are now above pre-pandemic levels, up 81 percent from February 2020 to May 2021, and up 156 percent year-over-year as of May 2021. Hiring is also returning to keep up with demand; the number of employees paid per beauty and personal care business in April 2021 was up 34 percent year-over-year and up nearly 16 percent year-over-year in May 2021.

Gross payment volume from beauty and personal care businesses has also improved, with a 121 percent year-over-year increase as of May 2021, and 25 percent from February 2020 to May 2021, showcasing continued strength across the industry.

From Q1 2020 to Q1 2021, businesses using Square Appointments saw an average 23 percent decrease in booking no-shows and 63 percent increase in completed reservations, helping businesses keep their calendars booked. Square Appointments’ monthly active users also grew 85 percent year-over-year as of May 2021.

To further help salon businesses grow, Square Appointments recently released new features:

  • Square Online: Salons can now create an integrated, customizable website to match the aesthetic of their business and sell their products and services online for omnichannel capabilities. Square Online saw a sizable increase in sign-ups from beauty and personal care businesses, up 296 percent year-to-date from January 2021 to May 2021.
  • Commissions: Salons can now set commission rates for retail items and services that are automatically uploaded to Square Payroll, removing manual work and saving merchants time.
  • Gap time: Clients can book services during appointment downtimes right from a website, streamlining bookings and helping merchants make more money.

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