I think the nail/beauty industry will be affected, it's a luxury service and when times get tough it'll be luxuries that people knock on the head first. There will be ladies who would still have their nails done no matter what, but in the coming months, very few people will have the luxury of being able to make such a decision.
My business has already been affected by the credit crunch. Local salons are dropping their prices almost daily. This resulted in my salon becoming quiet, and so in order to keep people coming through the door, I've very reluctantly had to follow suit.
Secondly, one of the major employers in Bradford has just made hundreds redundant, with more to follow. They havent finished work yet, they're on 90 day notices. This will have a big impact on Bradford businesses because they are such a large employer that every salon will have a good percentage of clients who are employers of this firm. Even though they havent finished work yet, a couple of mine have already stopped having their nails done since they have to save money while they still have it, and I know that when they stop work, a few more will, in the very least, postpone having their nails done until they find other work.
I think the best thing for us all to do in these times is to accept that the economic downturn will affect our businesses, and to look at ways of maximising our turnover, both of new and existing customers. Better to do that and be prepared than stick our heads in the sand and pretend it'll go away I think.