Growth in salon businesses contributes £4bn to UK economy
The number of UK salons has grown by a fifth since 2010, according to new data from Barclays Business.
However, the research also revealed that the combined turnover of businesses in the sector is up by 24% in that same time frame, showing that despite the increase in competition from new businesses, there are enough customers spending to support growth.
The insight from the bank found that beauty businesses, which include beauty salons, hairdressers and tanning salons, contribute £4billion in revenue to the UK economy each year.
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 business are increasingly finding opportunities from market demand.”
Barclays report also found that the beauty industry is popular environment for young businessmen and women, with 6% of businesses owned by under-25s, which is more than twice the average rate of business owners under 25.