We’re certainly no stranger to the true significance of the impact that the beauty industry has on the UK economy, which up until now has never been quantified, published or screamed from the rooftops even nearly as much as it deserves.
Well, take a bow British Beauty Council, the organisation founded in 2018 to represent the voices, opinions and needs of the British beauty sector, as the industry-defining ‘The Value of Beauty’ report has been published to shine a light on the veracious contribution of the industry to the UK economy.
Not only does this ground-breaking report contextualise the true reality of the economic landscape within the UK, it also aims to transform and re-define the reputation of beauty long term, to represent the positive and dynamic industry that encourages outrageous individuality.
This very objective is music to our ears as we thrive off communicating this epic commitment to remove the stigma surrounding beauty, and allow expression and positivity to shine through. As a result of this movement, the industry has soared, contributing a whopping £27.2bn to the UK economy in 2018 alone through consumption of beauty products and services.
If that figure alone hasn’t got you attempting to figure out what percentage of that HUGE number represents the contents of your makeup-up bag, the numbers get crunched even further within the report to reveal that us beauty-obsessed Brits have boosted the UK’s bottom line so drastically, that in 2018 the UK beauty industry contributed £7bn in tax revenues. Put that figure into context, and that’s the equivalent to the salaries of 250,000 nurses and midwives!
So, what does this mean for the high street? At a time when the high street is in decline and businesses are struggling to stay afloat, the beauty industry is bucking the trend, helping to bolster spending on UK high streets. With a net increase of 1225 beauty retail and service spaces on UK high streets in 2018, two thirds of which being barber shops, our beauty-regimes not only provide a personal glow-up, but a potentially much-needed makeover for the UK high street, too.
To take a look at ‘The Value of Beauty’ report for yourself, go to https://britishbeautycouncil.com/index.php/2019/07/19/the-value-of-beauty-an-economic-impact-report/
*Total value of UK consumption of beauty goods and services in 2018, The Value of Beauty Report.