TATTOO INDUSTRY IN 2020
Tattoos sure are leaving a mark on society going into 2020, and the tattoo industry is only getting that much larger.
The Tattoo Industry In 2020 Is On The Rise – No Signs Of Slowing Down
According to market research firm, IBISWorld, the tattoo industry in 2020 will be generating an estimated $1.7 billion in revenue, up from $1.6 billion in 2019. Research Director and author of U.S. Tattoo Parlors, Tattoo Removal & Body Piercing Services: An Industry Analysis also weighs in:
“Tattoos and body art in the U.S. have soared in popularity lately, especially amongst Millennials, fueling an industry comprised of 20,000 tattoo parlors or studios. The industry, which also includes body piercing and tattoo removal, is estimated to be worth $3 billion, and is growing strongly.”
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Breaking Down the Tattoo Industry in 2020
Over the next ten years, the industry is expected to grow nearly 8%, annually.
You can say its success is culturally tattooed.
This near 8% increase can be attributed not only to the increasing popularity of tattoos but younger generations choosing expensive custom work instead of less expensive predesigned (or flash) images. Once inked, the customer return rate drastically increases.
While the general tattoo customer increased, profits per tattoo increased, with millennial’s leading this wonderful increase.
Who are the millennial’s?
Millennial’s are defined today’s age anywhere between 18 and 35 years old. The Harris Poll, a small business industry research firm, concluded that roughly 47% of millennial’s today have at least one tattoo; 37% with at least two; and 15% with five or more.
Along with the tattoo industry’s rise in popularity, its opposite has also seen an increase: tattoo removal.
By The Numbers
Since 2010, 687,450 tattoos have been removed, according to American Academy for Dermatologic Surgery. Although it is a tiny fraction of the number of tattoos today, the procedure is not only lengthy but just as expensive, if not more.
The tattoo removal procedure involves lasers to break up the ink with temperatures reaching as high as 1,652 degrees Fahrenheit.
Need to figure out how many treatments you will need? Check out the Kirby-Desai Scale. This scale is used to determine how many treatments are necessary based tattoo location, skin type/complexion, color, etc.… If you’re not looking for tattoo removal, check out our tattoo aftercare guide.
Whether you’re looking to keep your tattoos or consider tattoo removal, it’s best to also consider what is a job killer tattoo. Will having visible tattoos hinder your success?
Talk with one of our tattoo artists today to learn what your best options are.
So How Much Do Tattoo Artists Make?
On average, according to the Bureau of Labor Statistics, a tattoo artist in the United States makes on average of $49,520 each year. It’s important to note this number is dependent on a multitude of factors such as:
Location: Tattoo artists in larger cities
Experience: Your time as a tattoo artist directly impacts how much you can make or charge. Reputation is a significant factor in the tattoo industry as well. A popular money-making opportunity for experienced tattoo artists is selling their designs to other tattoo artists.
Education: Where you have been taught how to do tattoos also matters. It also influences how you will grow as a tattoo artist so finding the right place to train is paramount.
How Much Does It Cost to Start A Tattoo Shop?
In 2015, the average cost of starting a tattoo shop was $27,000. Going into 2019, you can reasonably expect to pay around the same (+- $2,000). Average rent for a tattoo shop is roughly $1300 – $1500, depending on size and location.
Despite the tattoo industry growing 8% over the next decade, your success depends on many factors such as payroll costs, rent, marketing, tools, and more.
Want to help us at Chosen Art Tattoo grow? Give us a call at (602) 504-3767 or use our consultation form to set up a tattoo consultation today!