Inside the $10 Billion Hair Wigs & Weave Industry
Updated: Jan 23, 2020
Bundles, Bundles, Bundles ! “A woman who is about to get her Hair bundled, is about to slay the game ” - Black Pepper Magazine
One thing all women can agree on is that hair is one of the most precious beauty assets we have. No matter the style, we rock it all ! From long, short, bald, wavy, straight, wash-and-go’s or an afro. Versatility is our second name.
Today we will take a look in to the wigs and weave extentions empire. It is confirmed in a Nielson Report that black women spend nine times more on beauty products than other ethnicities. The increase in hair care for black men is also contributing to the global wigs and extension market. This is not a joke but facts. Men who have problems to grow their hair are opting more and more for the so called “man-weave“ . Nonetheless our buying habits continues to top the charts by spending billions annually. According to Global Outlook & Forecast Report , the global hair wigs and extension market is estimated to reach more than $10 billion by 2023.
The growing demand for high-end human-hair extensions and ultra-high-quality synthetic wigs across the European region will create new opportunities for leading manufacturers in the global market. The increase in per capita income and spending power among consumers will boost the revenues in the market
What does it mean ? It means that there is enough room for more vendors globally and the options for the customers are multiple. The focus on product innovations will help vendors attract new consumers and gain a larger market share. The gradual shift to African regions and business expansion to other regions will drive the growth of the global market.
The top 5 market segments geographically are :
1. North America
2. United States
5. United Kingdom
All in all it can be said that ”there’s power in the black dollar”(Nielson Report) . It would be even more exciting , if this money is circulating within our community, right ? Therefore supporting the black woman weaves and wigs business is crucial to build generational wealth and to create unity.
That being said, it is our pleasure to introduce to you Alayzia K. aka Nakia the CEO & Founder of Nakiellexo www.nakiellexo.com
What does “Nakiellexo” sell ?
It is an online women’s boutique for luxury hair extensions, clothing and accessories
BPMAG: How did you find out about your passion for beauty?
NAKIA : Through watching my younger family members dress up and do their own makeup ,watching youtube videos and social media
BPMAG: What does beauty mean to you?
NAKIA: Beauty means CONFIDENCE for me
BPMAG: Please describe your brand in 3 words
BPMAG: What piece of advice would you give younger girls about beauty perception on social media?
NAKIA: Look at yourself in the mirror , before you compare yourself to someone else through a phone screen
Website : www.nakiellexo.com