Search News

Results: 1-10 of 1022


Start again

15 Apr 2024

The Rediscovery Centre, the National Centre for the Circular Economy in Ireland, today announced its partnership with Cytech, the internationally recognised training and accreditation scheme for...

3 Apr 2024

Research by the University of Stirling and the Scottish Grocers’ Federation has shed light on the impact of rising staff costs on the convenience retail sector in Scotland.

3 Apr 2024

With large national chains increasingly disappearing from the high street, Drapers magazine has been looking at how independent department stores are stepping up their offerings to...

2 Apr 2024

The Baking Industry Awards return for their 37th year and are once again ready to recognise and reward the very best people, products, and businesses in the sector. The awards showcase the...

2 Apr 2024

Walsall's cycling community has been celebrating a family-owned business which celebrates its 90th anniversary this year.
 

2 Apr 2024

Recent payment disruptions at supermarkets and fast-food outlets have raised questions on the need for improved reliability.

22 Mar 2024

Rob Brown, co-director of Dalby Forest Cycle Hub, a not-for-profit hire scheme has been nominated for the Tourism Superstar 2024 award, run by VisitEngland.

21 Mar 2024

ACS (The Association of Convenience Stores) and the Federation of Independent Retailers (The Fed) have both welcomed a new report published by the Association of Police and Crime...

21 Mar 2024

As reported by Healthstores UK, new data contained in the 2024 Soil Association Organic Market report shows that independent retailers delivered an impressive 10% growth in 2023, with...

21 Mar 2024

An independent bottle shop and bar in Cheltenham has been named as the UK's Independent Beer and Wine Retailer of the Year 2024 at the Drinks Retailing Awards. 

Back to news menu

Rising costs continue to impact hair and beauty sector

Posted on in Business News

The latest quarterly State of the Industry survey from the National Hair & Beauty Federation (NHBF) shows that the recovery of the sector was slow and steady through 2023 and into January 2024.

Haircut

Resilient sector businesses, though, are still under pressure from sticky inflation, high winter energy costs, rising wage costs in April 2024 and the lack of availability of experienced staff to grow their business.

Whilst the sector continues to make a slow and steady recovery, there has been a slight rise in businesses making a loss which is up 6% from September 2023, with 20% of businesses now reporting losses and 40% of businesses making a small or good profit - down 5% from September last year.

The trend towards increasing prices continued to slow with 39% of businesses doing so over the previous three months, down from 55% in September 2023.A further 64% of businesses will raise their prices over the next three months.

Reliance on external support remains high but is stable, with over half of businesses (58% up slightly from 56%) partially or completely reliant on Government support.

High energy costs are continuing to affect the sector, two thirds of the sector are paying for more energy than they were six months ago. When the Energy Bill Discount Scheme ends on 1st April, half of the businesses (49%) will see their costs increase by a further 20% and for two thirds of the sector they will be set to rise by up to 40%.

Caroline Larissey, NHBF chief executive says:

“The sector recovery is slow, but of most concern is the dip in businesses intending to take on staff and apprentices, as we rely on a pipeline of young talent entering our sector. Ahead of the Spring Budget on 6 March, we are calling on the government for further targeted sector support in the form of VAT reform (either reducing the rate, raising the threshold or tiered rates) and further support to employers through apprenticeship incentives.

With this support we are positive that our sector will continue to demonstrate resilience and the ability to weather the storm.”

Back to news menu

Useful links

If you have any other queries please contact us.