Industry shows positive growth, says British Beauty Council report

The British Beauty Council has released its latest Value of Beauty Report, stating that in 2023 the UK beauty industry saw a 10% growth in workforce and an 11% increase in sales. Although inflation is expected to slow next year along with price rises, annual growth is forecast to be higher than the natural average in 2024, peaking at 3% year-on-year.

According to the report compiled by Oxford Economics, last year the industry workforce grew to more than 603,000 people last year, and generated sales of £27.2bn for both products and services. This is close to the pre-Covid average of £28bn.

Millie Kendall OBE, CEO of the British Beauty Council, comments:

“We have almost returned to our 2019 peak economically, despite structural and economic challenges

“We've had to be dynamic and pivot - looking to China, USA, Australia, Middle East and India to help grow our exports in the face of increased red tape when trading with the EU."

She adds:

"Beyond export, beauty's domestic influence is astounding, bolstered by the opening of Sephora in the UK."