A report released this month has shown that the beauty industry is now worth more than motor-manufacturing in the UK economy.
The beauty industry is now worth £30 billion towards the UK’s economy, beating more traditional sectors such as motor-manufacturing, law and social work. In addition, the British beauty industry also employs nearly, 370,000 and supports another 220,000.
The reasoning for the report was to investigate the British beauty industries importance towards the UK economy, after years of being neglected within various economic reports. The report, The Value of Beauty, was commissioned from Oxford Economics by the newly-formed British Beauty Council. The council argues that it was time the British beauty industry wasn’t left as an underrated sector in business.
The council also argues that the British beauty industry contributes more to the UK’s gross domestic product (GDP) than motor-manufacturing and publishing. When the statistics were released, the British beauty industry, made up of the direct contribution of beauty retailers, manufacturers and advertisers was £14.2 billion last year. This outshone the motor-manufacturing whose contribution to the economy came in at £13.5 billion.
The cause in the rise of the beauty industry? Social media plays a big role in this and the ongoing quest for perfection, with companies constantly selling new products to answer all our beauty problems.
When talking to the Telegraph on the subject, Millie Kendall, CEO of the British Beauty Council, said: “The visual aspect of social media has certainly contributed to people using more beauty products, and the sale of those products on line has seen a tremendous growth in sales.’’
The growth of social media apps such as Instagram, and platforms such as Youtube allow us as a consumer to quietly watch beauty brands, while others review them, until we feel the desire to buy them. Physically seeing products on such platforms could easily be seen as the new high-street.
The Value of Beauty report has not only highlighted the huge contribution of the British beauty industry, but also predicted its continuous growth within the next following years alongside the diversity within the industry. The British beauty industry confidently continues to boom while simultaneously also offering opportunities for all and becoming a highly-inclusive and profitable sector within the UK economy.
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