Beauty sector shapes up to be worth £15 billion

THE BEAUTY industry has never been in better shape and is now worth more than £15 billion to the economy, employing almost a million workers, new research has shown.

Women working later and an ageing population have helped boost the sector and led to an increasing number of salons opening across the UK.

Around one in six new beauty businesses opening in the UK are nail salons, according to the study by Cosmetic Executive Women UK, which promotes the industry.

President Caroline Neville said: “The ageing population offers a rich vein to be mined.

“The explosion of youth cultures and a rapidly expanding middle class in emerging markets offer new opportunities.

“The fast growing men’s market, and the ageing process offer up all sorts of product possibilities.”

The facial skincare market alone is set to reach £1bn by the end of the year following increased spending on anti-ageing and anti-wrinkle products, said the report.