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Top 5 Growth Strategies in Wig Market Segmentation
Many women are now switching over to the latest trend when it comes to wearing wigs and extensions by allowing them to use the services of different hair stylists who specialize in the same. Nowadays, human hair wigs are no longer limited to being a fashion statement or used as a temporary way of changing your look. They have now become a permanent part of many women’s daily lives. Although most people still believe that using human hair is more economical, the truth is that human hair offers better benefits such as:
Human hair has its own advantages which cannot be readily imitated by synthetic hair. One of the most popular advantages of human hair is that they are easy to maintain. Women can simply wash and style them to achieve the look they desire. Unlike synthetic hair, you will not experience any itching, tangling, or frizzing. Moreover, if you want to change the look of your wig anytime you like, there is nothing that you will need to do and you can achieve a completely different look every time.
Another advantage that makes human hair wigs popular among women is their affordable price. In fact, today the sale of wigs and extensions in the US alone is estimated to reach over $30 billion dollars. In addition, this segment has the largest market share in the world with an estimated 4.5 percent, up from 2.5 percent in the previous year.
The growth rate of this beauty industry in the US is fast due to the rise of several key factors. One of these factors is the rise of several large brands targeting the middle-class populations. These brands offer competitive prices, thus, appealing to the consumers. Another factor that has helped the hair industry to grow rapidly is the increase of the number of people who want to change their look frequently. The growing number of celebrities and other personalities in the media have given a new life to the hair industry. Moreover, this segment has the fastest growth rate ever recorded in the US history.
In the next decade, it is expected that the growth rate of this segment will continue to rise at a rapid rate. By 2021, the forecast period for the growth of this segment in the US will be double of what it is currently today. Additionally, this forecast period includes a period where the demand for hair wigs will continue to increase. Therefore, the buying power of the people in this country will continue to increase, making it possible for brands in the extension market in the US to profit greatly.
The demand for these products will continue to increase as they become more popular in the society. This means that more people will need these products to look more beautiful. wig manufacturers and other suppliers can anticipate this demand by expanding their business in this key market segment. wig makers and suppliers should make sure that they have a good understanding of the requirements of the consumers in the US by creating good quality products. The use of human hair is one of the most common ways of transforming someone into a character from a movie or a cartoon. Therefore, wig manufacturers and suppliers should offer comprehensive insights on the trends in the hair wig market segmentation in order to be able to serve the consumers to the best of their ability.