The economic power of British beauty

The UK Beauty and Personal Care sector made a total GDP contribution to UK economy of £27.2 billion in 2023, according to the latest Value of Beauty report.

The report, released by the British Beauty Council, reveals this significant contribution made up of £13.5 billion directly from the beauty and personal care sector together with an additional £13.6 billion through its supply chain and employee spending. This, brings a total contribution of £27.2 billion to the UK economy.

Oxford Economics was commissioned by the British Beauty Council to analyse the data and showcase the power of beauty as an economic driver.

Impressive growth for the sector

The ground-breaking Value of Beauty report has been updated for 2024. It reveals the personal care sector “achieved an impressive 11% growth, adjusted to 3% for inflation”.

The British Beauty Council report shows that beauty and personal care has thrived despite a sluggish economy, and looks at their value for future growth and innovation.

[Lead image courtesy of 111SKIN]

Beauty creates employment

The British Beauty Council’s report states that the beauty and personal care sector’s workforce increased to 418,000 in 2023. This is 10% growth from the previous year.

It positively forecasts that “employment contribution will remain stable for 2024, with the personal care industry tipped to support around 604,000 jobs.”

Oxford Economics calculates the sector “supports £7.3 billion in tax revenue, of which £3.6 billion was contributed directly by the sector in tax revenue”.

Furthermore, the report reveals that work of the beauty and personal care industry “supports £7.3 billion in tax revenues.” Of this, £3.6 billion is directly contributed by the sector and its workforce.

These figures make impressive reading and are forecast to hold for 2024, with 3% growth predicted.

Significant bounce back

British Beauty Council CEO, Millie Kendall OBE, told European Spa: “The new Value of Beauty statistics reinforce the resilience of the beauty sector.

“Despite challenges including the cost of living crisis, Brexit, war in Europe and Covid-19, our industry’s contribution to UK GDP is close to its pre-pandemic peak.

“This bounce back proves that people still turn to beauty to feel good, build confidence and enhance wellbeing even though external circumstances might mean our purse strings are tighter.”

Wellbeing is key to future growth

Sarah Camilleri, European Spa’s editorial director, joined the British Beauty Council’s advisory board in 2020 and now serves on the new media advisory board.

Commenting on the report, she says: “The Value of Beauty report serves to highlight how powerful the beauty sector is.

“As a wide range of talented businesses, together we play a pivotal role in supporting the economy and most importantly, the lives of people across the nation who value bringing beauty into their daily lives.”

Sarah Camilleri cites the UK spa industry as a respected contributor to the wider beauty sector and key driver of future training standards product innovation and growth.

“Wellbeing is a gamechanger for the beauty sector at large,” she says. “The growth in preventative healthcare, physical and mental wellbeing services and sustainable beauty is happening everywhere.

“As a leader in wellbeing services and talent, the spa industry is here to help lead this contribution.”