Recession and YOU!

[izzidoll]

I was listening to the Jeremy Vine show on Radio 2 today and he was talking about IF there were to be a recession which Industries/Jobs it would affect first.
Apparently the first people to feel the effects are Swimming Pool companies!!!
The Head of M&S said that a recession hits them in different Depts....First to get affected is the Furniture Dept, then Gents Clothing, then Ladieswear then Childrenswear then finally Food!!!
I suppose that does show peoples priorities though!

They had a few different people talking about how it would affect their livelihood including a Personal Trainer, who has another job as back up, and a couple of Florists who said at least even in a Recession people still get married and have Funerals so their businesses can survive. They may spend less but will still buy flowers on these occasions.

I couldn't help but think...WHAT ABOUT US!! The Beauty Industry, wouldn't we be one of the first to be affected by this, as when people start watching what they spend, some of our treatments may be the first thing struck off their list of priorities.

I personally feel that Nail technicians, would be less likely to suffer thanks to the 'keeping up with the Jones's effect!! As in everyone would notice if a client suddenly stopped getting her nails done, whereas who would notice of she stopped getting a regular facial?

So do you think that talk of a Recession is just scaremongering and will blow over......or are you worried how it will affect you and your business.....or are you planning on putting something aside from this Christmas boom time just in case??

I don't want to be all doom and gloom here, I am just interested in how different businesses within our Industry would cope.

 

[sj1973]

well i hope there will not be another rescission here...but i will agree with you....if people want there nails done and money is as tight as a ducks bum,then they will still get them done as there friends,family will still have theres done and they dont want to feel left out. sad but true.

 

[Martigirl]

Good thread Isabel

I would expect our industry would be hit hard and it is something that does concern me, however at the moment I do not have a back up plan

Working on it tho

 

[izzidoll]

I don't think it is too sad.....as our livelihood depends on it!!

I also think it does depend on your clientel, as to how you would be affected.

If you are working in an affluent area, then maybe high interest rates are a good thing as your clients savings earn them more money to spend with you!

If your clientel are mainly working class interest rates do not really affect them too badly, and as they do work hard they feel they deserve their 'pampering' treatments.

The problem is with the mid range clients, who are mortgaged up to the hilt so when interest rates go up even by a 1/4 % it can push them over the brink.

Or am I generalising too much?

Has anyone started to feel the pinch...or is Christmas keeping everything boyant for now?

 

[Trinity]

I definitely get hit hard when money is tight. School holidays are always dead for me as quite a few of my clients are Mum's and entertaining the kids comes first. They also have problems with childcare so they tend to put off their appointments too long, then lose them all, then don't come back for ages.

The week before Christmas is manic for me, but this week and next are quiet, and going in to January, only my die-hard regulars have booked in, the rest will wing it and see how long they can push their sets as the money always runs out before the month.

Maybe I have a different demographic of clients to some others, but if one of my clients cancels, it's usually because they are skint, or the kids are ill.

Interesting thread Izzy :hug:

 

[pure]

I heard that show too and was also thinking about 'us'!

Being a new business I'm already worrying about how January and February are going to be and the thought of another recession possibly being around the corner is in all honestly too scary to think about!

I think the beauty industry would be one of the first to be hit as we are of course a luxury for the majority of clients.

I did hear one good comment on the show which said that we mustn't scare ourselves into a recession by all the talk about it - which is perfectly possible as a country.

 

[izzidoll]

I heard that show too and was also thinking about 'us'!

Being a new business I'm already worrying about how January and February are going to be and the thought of another recession possibly being around the corner is in all honestly too scary to think about!

I think the beauty industry would be one of the first to be hit as we are of course a luxury for the majority of clients.

I did hear one good comment on the show which said that we mustn't scare ourselves into a recession by all the talk about it - which is perfectly possible as a country.

Absolutely!!......I think I may even have shouted that aloud whilst listening to it!!

I really don't want to scaremonger, just give food for thought, and maybe have folks realise that NOW should be the time to prepare for any eventualities!!
Promoting treatments for January & February.... start Loyalty schemes if not doing so already....that sort of thing.

 

[izzidoll]

Good thread Isabel

I would expect our industry would be hit hard and it is something that does concern me, however at the moment I do not have a back up plan

Working on it tho

Having worked in the same area as you, which is a good working class town, where people don't mind spending when they are getting good value and service ( both of which you provide!!)....I must admit my clientel never really wavered during times of dodgy interest rates.
Regulars were just that....regular.
Just sometimes it was more difficult to get new clients in the door.

 

[Martigirl]

Thanks for the nice comments xxxx:hug:

 

[Cathie!]

The economy is slowing down, house prices are falling a bit (well they need to don't they?), the base rate has been cut by 1/4% today for the first time in 2 years, recession, I don't think there is one on the way in the near future.

Jan/Feb is always quiet, people recovering after Christmas....bank it now in the busy time to carry over for the quiet time to follow....I have always done this.

 

[Cec]

Good thread Izzi!

I have been thinking of this a lot. In Norway we have had economic "downers" (???), the last was in the middle of the eighties and beginning of the nineties. Right now, the economy is good, but I think SOMETHING is going to happen. Maybe not this year, but the next or the year after...

Strangely enough my business idea is like this.

I am the most expensive in my town, maybe in Norway... I have a full book (as full as I want it to be), I don't take new clients and I have waiting lists.

Because I am the most expensive... What clients do I have? Those who know what I am doing, those who want to pay for quality work and those who have money. IF something will happen with the economy, I am sure my clients will be the last to fall.... I can't know for sure, but I think there is some logic in it. Although the economy will be bad, there will always be SOME people with money (my clients, I hope...).

Maybe I am cynical, but after all, it's my income I am talking about! (Some will also say I am greedy, but I HAVE WORKED DA** HARD TO GET WHERE I AM and I don't feel sorry for it.)

C.

 

[fifitrix]

Really interesting and thought provoking thread Izzi. I didn't hear the show you are talking about but have been listening about it on the news. It does concern me, but then I worry about everything anyway!

I have a mix of clients, some who no mater what want their nails doing and would rather run about naked than have no enhancements on, the ones that eek their appointments out as long as possible and the just for special occasions ones.

I do worry about Jan and Feb being quiet after Christmas and am thinking of special offers and ways to keep my business as busy as possible during these months. Luckily I am quite busy this month so will plan ahead financially wise.

I just hope that this doesn't affect us all too much and that the news is being it's usual doom and gloom.

 

[Hope]

Great thought provoking thread Izzi.

I have to say though that I am in 2 minds about my answer. I myself am VERY sensible with money (I am sure that doesn't surprise you!!) and I know that if money started to feel tight I would stop all 'luxuries' which IMO is what our industry offers. I am sure that I can't be the only one who feels this way about money. However there are many many people who even if they couldn't afford it really would feel the need to have those treats even more so than normal to cheer them up!

I personally don't feel that it will harm my business in the foreseeable future, the majority of my clients have been having their nails done non-stop for years and I believe that they see it as a necessity, something they would feel 'lost' without. I do think that the clients who have nails occasionally may have them less often if they are short of money.

Thinking about other treatments the beauty industry offers, well maybe you are right, facials, massage, would they be the first treatments to suffer, probably. But then I guess the luxury mani/pedi's would go too with people choosing the cheaper basic mani/pedi's

I have probably garbled a load of nonsense there, but you have made me consider things that I hadn't previously, I will have to give it more thought.

 

[geeg]

I was listening to the Jeremy Vine show on Radio 2 today and he was talking about IF there were to be a recession which Industries/Jobs it would affect first.
Apparently the first people to feel the effects are Swimming Pool companies!!!
The Head of M&S said that a recession hits them in different Depts....First to get affected is the Furniture Dept, then Gents Clothing, then Ladieswear then Childrenswear then finally Food!!!
I suppose that does show peoples priorities though!

They had a few different people talking about how it would affect their livelihood including a Personal Trainer, who has another job as back up, and a couple of Florists who said at least even in a Recession people still get married and have Funerals so their businesses can survive. They may spend less but will still buy flowers on these occasions.

I couldn't help but think...WHAT ABOUT US!! The Beauty Industry, wouldn't we be one of the first to be affected by this, as when people start watching what they spend, some of our treatments may be the first thing struck off their list of priorities.

I personally feel that Nail technicians, would be less likely to suffer thanks to the 'keeping up with the Jones's effect!! As in everyone would notice if a client suddenly stopped getting her nails done, whereas who would notice of she stopped getting a regular facial?

So do you think that talk of a Recession is just scaremongering and will blow over......or are you worried how it will affect you and your business.....or are you planning on putting something aside from this Christmas boom time just in case??

I don't want to be all doom and gloom here, I am just interested in how different businesses within our Industry would cope.

I started my nail business in one of the largest recessions in 1886. My business thrived and thrived.

I think compared to a new kitchen or swimming pool, women see their nails as a small indulgence and would rather not eat than give up thier nails.

 

[Zo Zo]

I started my nail business in one of the largest recessions in 1886.

Blimey Geeg, you DO look good for your age :lol::lol::lol:

 

[geeg]

Blimey Geeg, you DO look good for your age :lol::lol::lol:

:hug: Thank you. But its all down hill from December 26th ... my birthday :irked: Not one I care to celebrate!

 

[pazzy]

I have to say that although beauty, nails & hair are a luxury - they are really important to ladies even when things are tight.

I think it just means that those who see it as extravagant to start with will definitely NOT treat themselves and those who like to have nails done will continue to do so - especially if they work.

I have a client who cant really afford to get her nails done but getting them done makes her feel happier and very sad if she doesnt.

I have confidence that it wont really affect me much.

 

[Marlise]

:hug: Thank you. But its all down hill from December 26th ... my birthday :irked: Not one I care to celebrate!

Geeg,

You said you started your business in 1886 ..... :lol:

Don't think L&P and Gel were invented yet :lol::lol:


Marlise

 

[geeg]

Geeg,

You said you started your business in 1886 ..... :lol:

Don't think L&P and Gel were invented yet :lol::lol:


Marlise

VERY AMUSING ... I know I am the old lady of nails. ACTUALLY CND brought Solarnail to the market in 1979 .. the first liquid and Powder formulated especailly for nails ... before that it was good old MMA dental acrylic.

I appologise, I do not wish to hyjack this thread!! It is a very good and interesting one.

 

[izzidoll]

I personally don't feel that it will harm my business in the foreseeable future, the majority of my clients have been having their nails done non-stop for years and I believe that they see it as a necessity, something they would feel 'lost' without. I do think that the clients who have nails occasionally may have them less often if they are short of money.

Thinking about other treatments the beauty industry offers, well maybe you are right, facials, massage, would they be the first treatments to suffer, probably. But then I guess the luxury mani/pedi's would go too with people choosing the cheaper basic mani/pedi's

.

I think it just means that those who see it as extravagant to start with will definitely NOT treat themselves and those who like to have nails done will continue to do so - especially if they work.


I have confidence that it wont really affect me much.

I am glad this thread has turned out so POSITIVE!!

I am hopeful a full blown recession will be avoided.

Even if there is a mini recession the attitude on here is that our core skills, and the loyalty of our regular clients will see us through.
Loyalty we have no doubt gained from our own hard work and investment in our Education in the first place.

I am definitely reassured.