THE WHAT? The British beauty industry has shown impressive resilience, recording an 11% growth in 2023, with sales hitting £27.2 billion as the sector rebounds from the impacts of Brexit, Covid, and the cost of living crisis.
THE DETAILS According to the British Beauty Council’s latest Value of Beauty Report, compiled by Oxford Economics, the industry’s sales figures for both products and services are nearing pre-Covid levels of £28 billion. Employment in the sector also increased by 10%, supporting over 603,000 jobs. Despite inflation slowing next year, growth of 3% is still forecasted for 2025, outpacing the general economy’s average growth. The industry’s growth has also surpassed key sectors in the UK, including publishing and chemical manufacturing.
THE WHY? This growth underscores the adaptability and dynamic nature of the British beauty industry, which has not only managed to recover domestically but also outperformed the biggest EU markets in prestige beauty and skincare growth in early 2024. The expansion of major retailers like Sephora into the UK further strengthens the sector’s domestic impact, contributing to its optimistic outlook for the future.
