The business information provider Tianyancha said that of the 33,000 wig companies in China, 8,400 were set up last year.

Staying up late, drinking alcohol, perming and dyeing are some of the causes of hair loss among young people, says the report. For those under 30 who suffer hair loss, buying ginger shampoo, wearing wigs, and transplanting hair are all options.

One of the big motivating factors among young wig buyers is the desire to project a good image as they seek work. In terms of product selection, wigs are generally more adaptable and comfortable. The prices range from 1,000 yuan to 1,500 yuan for a full wig, while the price for a hair piece is slightly lower, ranging from tens of yuan to hundreds of yuan.

Tmall, part of Taobao, China's number one online sales platform, says wigs were a top seller on Singles Day, Nov 11, last year. As of 8 am that day among the top 10 cities for wig transactions on the platform, Beijing, Shanghai, Guangzhou and Shenzhen were the top four in the number of wig sets sold, Shanghai being the Chinese city apparently most afflicted by baldness. Those in their 30s accounted for 42.4 percent of the buyers, followed by those in their 40s, 25.9 percent, and those in their 50s, 14.3 percent.