The number of beauty businesses in the UK has risen by over a fifth in the last four years, according to new data from Barclays Business.
The bank says it’s seen a significant increase in the number of small beauty businesses since 2010, in addition to a 24 per cent rise in the combined turnover of these businesses during the same period.
BILLION POUND INDUSTRY
Beauty industry businesses, which include beauty salons, hairdressers and tanning parlours, contribute £4 billion to the UK economy.
The majority of the small and medium-sized enterprises in the sector are sole traders (62 per cent), with six per cent of owners under the age of 25.
In addition, a quarter of beauty businesses are owned by men.
London is the region with the biggest percentage of beauty businesses (19 per cent) and also saw the most dramatic rise over the past four years (33 per cent).
The east of England follows with 13.8 per cent, while the south east is close behind with 13.7 per cent.
“We’ve seen a significant rise in the number of beauty business owners coming to us for support, particularly over the last four years,” Sue Hayes, Head of SME banking at Barclays, says
“It’s an industry where small and medium businesses are increasingly finding opportunities from market demand and we’ve also seen a jump in the number of younger entrepreneurs in this sector.
“The growth of the UK’s ageing population and a boom in online consumer behaviour has also fuelled expansion.”
INTERNATIONAL APPEAL
Hayes adds: “The fast growing men’s market is an area predicted to rise in the next few years.
“Many UK businesses are following in the footsteps of beauty brands such as Jo Malone and Molton Brown, which have huge international appeal.”
Picture courtesy of Saks Hair & Beauty
