Big Business in Beauty
Treatments sector grows by a sixth in just 12 months
The value of the professional beauty treatments market has grown by 17% over the past year* as British consumers prove you can’t put a price on looking good.
In the current economic climate, shoppers have been forced to make cutbacks and rein in their spending. However, the latest data from Kantar Worldpanel shows that consumers are unwilling to sacrifice their looks as the beauty treatments market thrives.
Tim Nancholas, strategic insight director at Kantar Worldpanel, explains: “The professional beauty treatments market is now worth an astonishing £1.8 billion and has seen year-on-year growth of 17%. This is a phenomenal growth rate, powerfully demonstrating the increasing importance of this sector to our economy.
“Consumers are evidently crying out for beauty treatments so it’s clear to see why more high street retailers are moving into this market. All-over packages such as a facial, massage and manicure for a set price have seen a 35% increase in sales in the past year. Similarly, women have spent almost a third more on tanning treatments and 22% more on getting their nails done.
“Despite the economic doom and gloom, consumers are still willing to splash out in order to look good and feel good. Although many shoppers are making cutbacks, beauty treatments are an affordable treat in comparison to other big ticket items.
“The speed at which this market is growing shows its enormous potential and the need to recognise beauty salons, tanning shops and nail bars as serious, lucrative businesses. It’s also a sector where independents dominate, with beauty salons making up over 52% of the market – a positive for those worried about ‘clone’ high streets.”
*52 w/e 19 February 2012