UK Contractors: Significant rise in the number of beauty-related businesses
UK Contractors working in the beauty industry will be interested to learn that the sector is currently seeing a rise in new business set-ups.
Research carried out by Barclays Business revealed that over the last four years, the UK has seen a 21% increase in the number of beauty-related businesses.
According to findings, the rise in beauty businesses, which includes beauty salons, hairdressers and tanning parlours, contributes as much as £4 billion to the UK economy.
London is the region with the biggest percentage of beauty businesses (19% of respondents), and also saw the most dramatic rise over the past four years (33%). The East of England follows with 13.8% while the South East is close behind with 13.7%.
Sue Hayes, Head of SME banking at Barclays, said, “We’ve seen a significant rise in the number of beauty business owners coming to us for support, particularly over the last four years. 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. The fast-growing men’s market is an area predicted to rise in the next few years.
“We support businesses in all stages in growth; from offline businesses looking to obtain their first premises or seeking advice on their business plans through to digital offerings for online companies. Many UK businesses are following in the footsteps of beauty brands such as Jo Malone and Molton Brown which have huge international appeal, and we also support companies wanting to reach their full potential overseas.
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