How Big Is The Wig Market Really?
Image | Unsplash
Wigs are bigger and more in-demand than ever. Thanks to different factors like TV, social media and celebrity culture making them more mainstream (read our blog post on the topic for more info), it's clear to see that wigs are quickly becoming part of the everyday culture for different groups of people. In short: they're a big deal but how big is the wig market really? We did some digging so read on to find out.
What Is The Wig Market?
The global wig market can be defined to include full lace wigs, tape extensions, micro rings, clip-in extensions, hairpieces and more. Essentially, it's any sort of hair enhancement whether it's human hair or synthetic.
Why Is It Getting Bigger?
There are a range of factors that are making hair enhancements–and wigs in particular–increasingly popular but a few of the biggest drivers are social media, people spending more on personal grooming for fashion and increased hair loss.
With social media making the world more accessible, it means people who never would have once considered wigs in their daily lives are now being introduced to their versatility by tastemakers like social media influencers and celebrities. Let's be honest, why wouldn't you want to try out that amazing wig your favourite IG personality was showing off the other day? Add to that the fact people have more money to spend and platforms like Instagram continuously upgrading the ability to shop for products directly in-app, the purchasing process is becoming easier than ever.
Additionally, hair loss among people has also been on the rise. Conditions like traction alopecia and stress-related hair loss are increasing among people urging them to turn to wigs as a solution. Due to their nature, wigs are a great answer for some people while they deal with hair loss. Not only can they give natural hair a break from styles that might have been causing hair loss, but they also offer a great confidence boost to allow you to go about your life whilst dealing with hair loss.
All of these factors also mean that overall, the stigma around wigs is decreasing and where they might have been a bit of a taboo subject in the past, they're becoming more mainstream. This all leads back to why the market overall is showing incredible growth.
Images | Nicki Minaj showing off various wigs via Instagram
What's To Come In The Future?
According to Businesswire, the global hair extensions market is set to reach a value of over $5 billion by 2024 making it apparent that the wig market shows no signs of slowing down. We can expect to see more people introducing them into their daily lives as the stigma around wigs continues to decrease. It's also expected that they'll become more accessible than ever and easier to purchase–wigs on your favourite beauty websites maybe?
As the wig market grows, so will related markets like hair care and hair accessories. One company already ahead of the curve in this respect is The Renatural. Barely a year old, this innovative brand is all about redefining wig attachment methods. It's out with archaic methods like bands and clips and in with the revolutionary Wig Fix - a silicone hair gripper designed to protect your edges and keep your wig secured.
Image | The Wig Fix by The Renatural
Are you looking forward to what the future holds for wigs? Let us know what you think about the rising market in the comments!
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