In order to completely understand just how massive the hair industry is, we have to think back to life before social media. Before the social media boom, owning your own hair boutique was almost unheard of. We had to go to the local beauty supply store and get 2 packs of Milky Way, Freetress, Remy Saga so on and so forth. At this time, the black hair market was monopolized by the Chinese, the Koreans and Middle Easterners. These were the countries that controlled all of the hair exports at the time.
The concept was simple. They used the vendor relationships with their home countries, imported hair to America, and enjoyed the gold rush. The sick part was that even though black women were responsible for the consumption of over 90% of the hair market, we made none of the profit. The entire hair industry was controlled and regulated by others. In black communities, there were beauty supply stores on every corner, selling tens of thousands of packs of hair at a time.
Somewhere around 2010, with the growing popularity of Instagram, Youtube and Aliexpress, the extensions market began to get the makeover it deserved. We began to source hair directly from suppliers overseas and leverage social media to sell online. Over the years online shopping from hair retailers began to replace shopping at brick and mortar stores. With the huge shift of this market, the flood gates opened and more and more of us began to open online stores.
This scares some people into believing that the market is over saturated, but it is far from it. The Black Hair market is valued at over 3 billion dollars a year and counting. Don’t assume that because there is advertising noise, that the market is not there. The real challenge with the hair extensions market in 2017 is 1.) Securing a quality product 2.) finding creative, less noisy channels to reach your ideal customers.
With all things considered, this industry is more than sufficient to make some serious dough.