Hey everybody.

Around the new year, each year, I do a state of the industry episode where I summarize how I see things and humbly offer some advice moving into the new year. This is the ninth year

the hair game podcast and I thank each and every one of you for spending the time with us.

All right. So how do I see things at the moment? Across the economy, kind of the broad economy

in the U.S., upper incomes and those who own assets, things like stocks and,

you know, cryptocurrencies and, you know, assets generally homes are doing great. You know,

stock market is at an all-time high and prices are high. So if you own assets, you know, you're feeling rich.

Below that, however, is a strained consumer after three years of inflation and a tepid job market.

You know, wages are not increasing as much as they have in the last couple of years.

Companies are, of course,

feeling their own pressures, economic pressures, and so they're trying to do more with fewer people. So you see some job losses in some parts of the economy. For this cohort, this strained consumer, hair services such as color have become more of a

luxury service than in the past, which would explain why you may have seen fewer visits

to your salon from these clients.

The industry has done a pretty good job of increasing

prices to just about match inflation. So two and a half, three percent price increases is what we've

seen across the industry in the United States, across all services. But that hasn't meant

necessarily more revenue for the average beauty professional

because the more strained clients, the more financially strained clients, have been

visiting your chair less frequently.

Anecdotally, amongst the conversations that I have with beauty professionals, and I have a lot.

Many are doing great. I mean, I've, the beauty professionals and I have a lot. Many are doing great.

I mean, the other day I had a conversation with somebody.

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