Feasibility Study of Lay and Bare Waxing Salon

Abstract

Introduction

The beauty industry is booming here in the Philippines. Consumers driven by social media trends have led to the evolution of the concept of grooming and beauty for both males and females. The growth potential of beauty salons depends on a variety of factors including demographics, population growth, and latest beauty techniques. In particular, the "anti-hair" movement isn't a recent phenomenon. There is a proliferation of waxing salons as evidenced by an increased number of franchises over the past three years.

Methods

The researcher did foot traffic and did survey 200 mall-goers to find the feasibility of putting up a waxing salon in the vicinity. The researcher was in the mall from 10:00 to 8:00 P.M. for one week from Monday-Sunday.

Results

Based on the survey that the researchers conducted, it is seen that the majority of the market for the waxing salon industry is composed of females with 87% while males accounted for 13%. In terms of social classes, the survey indicates that the current market mainly belongs to Class BC with 68%. The survey results also show that most of the customers for the waxing services are between 16-24 years old accounting for 49% of the total respondents composed of the millennials and the young professionals. 23% of the market for waxing services also belongs to the age group of 25-34 years old which consists of the working class. According to the survey conducted, sixty-six percent of the respondents said that they are going to the waxing salon. They can pay off some services. Although many residents are going to the waxing salon, the survey indicated that 50% only spend 100-200 pesos.

Discussions

Since the target market of waxing salons are female, age 15-39 years old and who belongs to class B and C, this is the basis of the market demand. According to the Philippine Statistics Authority in its 2010 survey, Ilocos Norte has a total population of 568,017. Of this number, 93, 588 belong to the age group of 15-39 years old and who are female. Of this 93,588 population, 25% belong to the bracketed income of class B and C or a total of 23, 397 people. According to a survey conducted, 63% are availing of waxing services. Thus, the computation of: 23,397 people x 63% = 14, 740. Moreover, of this number, 19% knows of LayBare or is familiar with the services of the Salon. Therefore, 14,740 x 19% = 2800. Furthermore, according to the survey, 80% are willing to try the services of Lay Bare Waxing Salon. Thus, 2800 x 80% = 2240 persons.