In the UK there are 31,107 beauty salons and 1,512 nail bars[source], but those numbers are not set to remain that way for long, as beauty salons are another business among retailers experiencing growth. In 2018, a net number of 495 salons opened, up from 388 in 2017 (a 28% increase), and 435 in 2016 [source][source]. Alongside hair salons and barbershops, beauty salons generate almost £7.5bn for the UK economy and employ around 260,000 people. The market is expected to reach £26.7bn by 2022.
London loves to pamper itself; when it comes to beauty treatment spending, Londoners splash out a median of £120 a month[source]. The capital’s average spend of £470 per month is in stark contrast to the rest of the country which spends an average of just over £96 a month.[source]
This surge has not gone unnoticed at 365 Business Finance – we’ve seen a 207% increase in demand for our Merchant Cash Advance product from businesses within the hair, beauty salon and barbering sector.