Nail care industry beckons big money

The nail salon business is now worth more than $6 billion a year, offering a clip, polish and more for at least $15 a person, according to a Reuters report.

Experts said corporate professionals, busy moms, college students and prom-goers are all rushing to surrender their hands and feet to reflexology, paraffin wax dips, hydrating masks and salt scrubs in these salons. People are also getting their hands buffed and shaped for big events like job interviews at which they want to impress. Some people even have their business meetings in nail salons.

This in turn has attracted the attention of big-time investors, in addition to entrepreneurs who run most nail salons. The number of salons in the U.S. has shot up from 32,674 in 1993 to 53,615 in 2003, Reuters said. Revenues have also grown 67% in the past decade. The trend has also taken off in Britain, where the cost of a manicure is included in the government’s key inflation indexes.

Nail salons aim to create a lifestyle environment, as a place to hang out and get a drink with friends and to relax. Asian-American-owned nail shops are driving the growth, with Vietnamese-Americans making up 37% of licensed technicians nationwide, and dominating 80% of the industry in California.