27 August 2024
Report shows beauty industry grows by 11% in 2023
A recent report has shown that the beauty industry grew by 11% last year, this is a promising sign following external factors such as Brexit, Covid and the cost of living crisis. The Value of Beauty Report compiled by the British Beauty Council showed sales reaching £27.2bn for products and services, close the pre-Covid average of £28bn. Employment also grew by 10% amounting to more than 603,000 people, and there is an expected growth of 3% in 2024. The report can be read here.
Domestic energy price caps increase
Ofgem have announced the energy price cap for domestic premises will rise to £1,717 from October to December, up from £1,568, adding about £12 a month to household bills. While bills remain lower than post-Covid peaks, concerns about the cost of living continue, especially after cuts to winter fuel payments and maintained benefit limits.
Major shift towards gender-neutral pricing in the hair and beauty industry
The hair and beauty industry is experiencing a significant shift as it re-evaluates traditional pricing models that have long been based on gender. This change is driven by increasing consumer demand for fairness and transparency, as well as the need to create more inclusive and affirming spaces for all clients. Read more.
Rising wage costs set to hit small businesses
A recent survey on small businesses has revealed that confidence has fallen significantly in the second quarter of 2024. The service industry is one of those which has been hit hardest, closely followed by retail and construction. However, there is hope, with over half of small firms expected to grow in the next 12 months, which is the highest on record since 2021. The full report can be found here.