The hair and beauty industry continues to boom
FG_AUTHORS: Who Can Cut It?
So, according to just about every news outlet the high street is struggling and businesses are resisting any temptation to spend due to the uncertainty surrounding Brexit.
But as usual the hair and beauty industry is bucking the trend with the sector set to increase more than any other over the next five years.
According to the latest research by Global Data and American Express the number of independent beauty businesses is set to increase by 7,852 outlets in the next five years.
By the end of 2023 there will be a huge 56,484 independent beauty and hair outlets across the nation by 2023, that is on top of the number of chain salons.
The numbers, which at present are just predictions, are based on the increased amount of money that consumers are willing to spend on their appearance, which amounts to £7.62 billion on independent beauty services!
More than a quarter of all that spending comes from millennials, or 22-36 year olds, as they average £281 a year in hair and beauty salons and barbers across the UK.
“Independent retail entrepreneurs were early to spot the opportunity to offer a range of beauty services to consumers, from waxing and weaving to braiding and beard trimming,” said Caroline Bouvet, vice president at American Express.
“The beauty economy is a growing part of our high street and demonstrates how quick independent retailers are to adapt to shifting demands from consumers.
“With our passion for grooming booming, we hope everyone will remember their local independents by shopping small this Small Business Saturday and beyond.”