The Economic Effect on Lashes: Industry Changes, Pain Points, and Strategies for Success

The Economic Effect on Lashes: Industry Changes, Pain Points, and Strategies for Success

The beauty industry has always been influenced by economic changes, and the lash extension industry is no exception. As the global economy experiences a downturn, the lash artists everywhere are feeling the impact on their businesses. We are here to reassure you that despite the economic downturn and rising costs due to inflation, the beauty industry continues to be a multibillion dollar industry, and you can survive this surge. Sugarlash PRO will delve into how the current economy is directly affecting the industry, discuss changes in trends created by Gen Z and how to continue appealing to your existing clients, identify pain points experienced by lash artists everywhere (you’re not alone!), and provide strategies for success that you can implement in your business.

Gen Z, the generation born between the mid-1990s and early 2010s, is a significant and influential consumer group for the lash extension industry. They are a new market, and while lash extensions may not be as popular with this generation, it’s no secret that Gen Z is controlling the trends that brands are scrambling to deliver on. With the rise of TikTok and increasingly low attention spans, this means business owners have to work a little harder to capture the attention of this upcoming market. However, their preferences and spending habits have been significantly altered by the current economic situation, despite being the market most brands are targeting. Here’s some reasons why:

1. Reduced Disposable Income: The current economic downturn has hit Gen Z particularly hard. Many adults, from Gen Z to Boomers, are facing job loss, reduced work hours, or financial instability. This has resulted in a decrease in disposable income available for non-essential services such as lash extensions.
2. Focus on Minimalism: With limited resources, Gen Z has shifted towards a more minimalistic approach to beauty. Natural aesthetics, clean girl makeup, and an emphasis on skincare over makeup have gained popularity. This means that the demand for dramatic and voluminous lash extensions has decreased, which are historically the more expensive services lash artists can offer, but also the ones that take the most time to execute – keep this in mind, it’s important later on!
3. DIY Culture: Gen Z is known for its resourcefulness and ability to learn new skills through online platforms like TikTok and Reddit. The rise of DIY beauty tutorials and at-home lash extension kits has made it easier for Gen Z to opt for self-application rather than visiting a lash artist – hold this thought too, we’re on to something! 

The economic challenges faced by the lash extension industry have left lash artists with several pain points that require immediate attention. Understanding these pain points helps find effective strategies to overcome the challenges. Here are just a few:

1. Decline in Clientele: Due to reduced disposable income, fewer clients are booking lash extension appointments. As a result, lash artists are experiencing a significant drop in revenue, making it difficult to cover expenses and maintain profitability.
2. Cancellation of Appointments: The uncertain economic climate has made it challenging for clients to commit to scheduled appointments. Many lash artists are facing a high rate of last-minute cancellations, which leads to wasted time and lost revenue.
3. Increased Competition: The economic downturn has forced many individuals to seek alternative employment opportunities, leading to a rise in lash artists in the industry. This increased competition means lash artists must work harder to differentiate themselves and attract clients.

While the current economy poses several challenges, there are strategies that lash artists can implement to overcome these obstacles and thrive in the industry.

1. Diversify Services: Remember those thoughts we asked you to hold on to? Here we go! To cater to the changing needs of Gen Z and broaden client appeal, lash artists can consider diversifying their service offerings. This could include introducing natural-looking lash extensions, providing lash lifts and tints, or offering lash extension removal services. We also recommend looking into teaching clients how to apply their DIY lash extensions or offering a reduced cost service to apply them for your clients. This way you can assure your clients that the product being used is safe and reduce the risk of damaging the natural lashes or their eyes. Sourcing reputable brands or creating your own could lead into a lucrative career outside of performing services.
2. Implement Flexible Booking and Cancellation Policies: To accommodate the uncertainty faced by clients, lash artists can adopt flexible booking and cancellation policies. This includes allowing clients to reschedule appointments without penalty and offering online booking options for convenience. We highly recommend looking into implementing a digital scheduling tool that is accessible for your clients. Include add-ons like pre-cleansing, applying a sealant for longevity, adding a lash serum, or selling retail products like lash cleansers to increase your income.
3. Create Value-Added Packages: To entice clients to choose their services over self-application or competitors, lash artists can create value-added packages. This can include bundling lash extensions with other beauty services, offering loyalty programs, or providing complementary aftercare products.
4. Enhance Online Presence: In a digital age, having a strong online presence is crucial. Lash artists should focus on improving their social media presence, regularly sharing high-quality before and after photos and videos using trending sounds and topics, engaging with followers, and leveraging social media tools to expand their reach. As business owners, we know you wear many hats, and being able to balance being your own influencer and business owner can be tricky, but you’ll see the pay off (literally) if you stick with it! 
5. Build Customer Loyalty: In times of economic uncertainty, customer loyalty becomes even more important. Lash artists can focus on building strong relationships with existing clients by providing exceptional service, personalized recommendations, and exclusive promotions.

The current economy has undoubtedly affected the lash extension industry, but with careful consideration and proactive strategies, lash artists can overcome these challenges and succeed. Understanding changes in trends for Gen Z and how trends affect your other clients’ requests, identifying pain points experienced by lash artists, and implementing effective strategies will contribute to the industry's resilience during these uncertain times. By adapting to evolving consumer preferences and the economic climate, lash artists can ensure their businesses continue to flourish, even in challenging economic conditions.