UK beauty industry shows resilience with 11% growth

The UK beauty industry has shown impressive resilience, growing 11% in 2023 to reach sales of £27.2 billion as the sector bounces back from the impact of Brexit, the coronavirus pandemic and the cost of living crisis.

According to the latest Value of Beauty report by the British Beauty Council, compiled by Oxford Economics, the sector’s sales of products and services are close to pre-COVID levels of £28 billion. Employment in the sector has also increased by 10%, supporting more than 603,000 jobs. Despite a slowdown in inflation next year, growth is still expected to reach 3% in 2025, exceeding the average growth rate for the overall economy. The sector’s growth has also outpaced key industries such as UK publishing and chemical manufacturing.

This growth highlights the adaptability and dynamic nature of the UK beauty industry, which has not only managed to recover domestically, but also outperformed the EU’s largest market in terms of growth in prestige beauty and skincare by early 2024. The expansion of large retailers such as Sephora in the UK has further strengthened the sector’s domestic presence, providing optimism for its future prospects.