The UK beauty market is said to be outperforming other retail sectors, reporting sales growth of 18 percent for premium department stores and 9 percent for traditional specialist retailers between 2015-2017, according to research by CEW UK.
The report found that online beauty sales reached £1.1 billion, while sales within specialist retailers such as Boots, Superdrug and The Body Shop exceeded this, rising from £3.4bn to £3.7 bn in the two-year period.
Caroline Neville MBE, President of CEW said, “Beauty appears to be more resilient than other sectors on the High Street. Bricks and mortar retailing is still crucial to beauty and the primary medium for consumers to interact and purchase brands.
“UK Beauty is celebrated across the globe for its creative, entrepreneurial spirit and consistently produces enduring iconic brands. The sector’s continual success lies in an ability to innovate, stay relevant and be exciting. This is reflected in our performance in what is one of the toughest trading periods in decades for the High Street.”
It was reported that the UK beauty sales will rise to £26.9 bn by 2022, however, this figure still falls behind fashion retail which contributes £32bn to the country’s GPD.
The report also found that the UK is the world’s sixth-largest market beauty and personal care, while almost 1700 companies operated in the market between 2015-2017.
According to the report, “Post Brexit, sales of beauty and personal care products continue to rise providing further evidence of ‘The Lipstick Effect’ – during periods of economic downturn, consumers tend to purchase more ‘little luxuries’, such as lipstick, treatments and cosmetics.”