Salute e Benessere
BRITISH BEAUTY INDUSTRY'S RESILIENCE REINFORCED BY MARKET GROWTH AND FORECASTED STABILITY
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LONDON , Aug. 22, 2024 /PRNewswire/ -- The British beauty industry grew by an impressive 11 per cent last year – with signs it is shaking off the triple hangovers of Brexit, Covid and the cost of living crisis, new reports show.
According to the British Beauty Council's latest Report compiled by Oxford Economics, sales reached £27.2bn last year for both products and services close to the pre-covid average of £28bn.
Growth in employment also grew by 10 per cent supporting a workforce of more than 603,000 people.
Couple the labour taxes paid by the sector with taxes collected via indirect and induced channels, and its contribution is large enough to fund 86% of the annual total expenditure by the Department for Digital, Culture, Media & Sport.
Overall growth this year was bolstered by inflation but even though it is expected to slow next year along with price rises, Oxford Economics still predicts growth of three percent in 2025 – far higher than the 1% average for the economy.
The growth puts the personal care industry ahead of publishing, chemical manufacturing, and the creative arts and entertainment industries.
hailed the findings as a tribute to the hard work, dynamism and versatile nature of the industry and its workers.
She called on the government to ease access to the EU which, post-Brexit, had put almost a £1bn (£850m) drop in exports.
she said.
But she said we still managed to grow compared to our EU neighbours.
she said.
said: "
You can download the full report here.
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