British Beauty Council report reveals value of the beauty industry
By Zoe Wickens | 18 January 2020 | Movers & Shakers, News
The British Beauty Council has revealed some new statistics in its 2019 Annual Report.
Research by Britain Thinks, an international insight and strategy consultancy, highlighted that 96% of stakeholders support defining jobs that sit within the beauty sector to reflect the multi-dimensional nature of the industry.
Two separate definitions were created for both beauty and grooming products and beauty and grooming services and are as follows:
“Beauty and grooming products: Beauty and grooming products are consumer and professional goods purchased to enhance and/or maintain personal appearance, presence and/or well-being. They will include categories such as cosmetics, skin, hair and body care, personal care and hygiene products, accessories and applications.
Beauty and grooming services: Beauty and grooming services are professional treatments purchased by consumers to enhance and/or maintain their personal appearance, presence and/or well-being. They will include categories such as treatments and tutorials for hair, nails, face and body, and cosmetic and surgical procedures.”
The Council also commissioned an economic valuation of the beauty industry to highlight its worth. Findings from this report included:
- The beauty industry supported a total of 590,500 jobs in 2018, which equates to one in every 60 jobs in the UK and is similar to the number of people employed in Birmingham last year.
- The beauty industry supported £7 billion in UK tax revenues in 2018, which is the equivalent of the combined salaries of 250,000 nurses and midwives.
- The beauty industry’s contribution to British GDP in 2018 was £28.4 billion, which is equal to 1.3% of the UK’s total GDP.
- Consumer spending in the beauty industry totalled £27.2 billion, with the largest share of this coming from purchases of care and maintenance products, worth £10.4 billion.
- £8.7 billion was generated through purchases of personal enhancement products, while £8 billion was spent on beauty services.
To read more of the report, visit: britishbeautycouncil.com/index.php/reportsandforms/