Just when we thought we could breathe a little easier, COVID-19 has reared its ugly head once more. With new variants, vaccine hesitancy, and the perpetual cycle of opening and closing, the specter of disruption looms large — this time with vengeance. Businesses, municipalities, and even states are reinstating mask mandates and reconsidering work-from-home orders. While this has obvious implications for some industries, there’s one that is continually overlooked yet significantly impacted: the hair industry.
The last time the pandemic took a sharp turn for the worse, this industry was among the hardest hit. Supply chains were severed, forcing salon owners to scrape the bottom of the barrel just to keep their doors open. The demand for
human and synthetic hair, vital products in this field, plummeted to historically low levels. To top it off, worker shortages made it almost impossible to keep up with even the reduced demand.
So, what happens now? As we face a resurgence, it’s not a question of if the hair industry will be affected, but how badly and for how long.
Firstly, let’s discuss workforce. The previous wave of COVID-19 pushed many skilled workers out of the industry. Stylists and technicians, reeling from the loss of steady income, made career shifts. Those who stayed had to cope with stringent safety measures, increased costs, and decreased clientele. If another wave forces businesses to restrict their operations or shut down altogether, the workforce that has been painstakingly rebuilt may vanish again.
Secondly, the supply chain. In a world that has increasingly moved towards just-in-time inventory, the idea of stockpiling seems almost antiquated. But given our recent experiences, stockpiling might be exactly what is needed. During the previous waves, we saw an enormous disruption in processing purchase orders from large vendors. With shipping containers stranded and production halted, it became a Sisyphean task to maintain even basic levels of inventory.
This brings us to the crucial question: Is now the time to stock up? The answer is a resounding yes. We might be optimistic, thinking it won’t get as bad as before, but hope isn’t a strategy.
We strongly recommend salons and related businesses to stock up on at least a couple of extra hair systems per client. It might seem excessive or a misuse of capital now, but when the next wave hits — and it will hit — such precautionary steps could be the difference between keeping your doors open or closing shop.
Moreover, stocking up isn’t just good for individual businesses; it’s good for the industry as a whole. A collective, precautionary buildup of inventory can provide a buffer, enabling the industry to better withstand the shocks of future COVID-19 waves. Additionally, purchasing these products now can provide much-needed cash flow to vendors, who have also been struggling through these uncertain times.
The resurgence of COVID-19 is a battle we all wish we didn’t have to fight again, but here we are. For those in the hair industry, the coming months could be a crucial period that determines long-term survival. Ignoring the lessons of the recent past is not just foolhardy; it’s potentially catastrophic. So brace yourselves and prepare. The wave is coming, whether we’re ready or not.
TMG Ventures, Inc. – Digital Marketing & Advertising Agency