Not only food prices will increase, but your hair will also get more expensive!
Energy crisis is worldwide
We are all impacted by the energy crisis, this will also cause higher Hair Extensions prices. Some time ago, I told you about the increase of hair prices, and your clients will follow the prices of the competition, for sure. When they find cheaper hair, you might lose your clients!
First, the economic recovery in some countries, was quicker than foreseen, and this caused a shortage of raw material, but also a shortage of containers to ship the goods to the end consumer. This was the main reason to expect higher prices.
And now the energy crisis is driving prices up, perhaps not visible yet, but wait and you will see your hair vendors increasing the prices.
Production hair requires energy
For both human hair and synthetic hair, energy is used in the factories. For example, water to cleanse the hair, but also electricity for the sewing machines, and the light for the workers. When the hair is manufactured in from China mainly from coal-fired power utilities. And these energy companies are allowed by the government to charge their customer higher energy prices.
On top of this, in some regions the factories and businesses are forced to close their activities down, a couple of days a week. This way the government tries to manage the energy crisis, by power rationing. This increases the shortage of the product and again this will increase prices. Not only in China, but also in the other hair manufacturing countries.
These two measures, to allow coal-fired power utilities to charge a higher price and the lower production due to the forced closing, will have an impact on the price of hair extensions and wigs.
What can you do about the energy crisis?
At this very moment, it is not clear when the prices of hair extensions and wigs will increase due to the energy crisis, but there is no doubt it will happen.
To make sure you can keep selling hair to your clients at a competitive level, you can work on a strategy to look for alternative hair, perhaps add some Braids to your product offer. Or add an extra service to the products you sell, team up with a stylist and offer hair extensions and install as a one shop solutions. Your clients will save time, and money when they can buy the hair and get the install in the same location.
When you have a brick-and-mortar store, you can consider saving on your own energy bill and to close the store and start selling your hair and wigs online. This is much cheaper than selling in a store and you will reach many more people. So, less expenses and more potential clients! A good strategy to turn the energy crisis into a business opportunity!
Let me know in the comments below, what is your profitable solution to keep on selling during the energy crisis?
