The £6.6bn industry that we treasure and adore, has been shaken by the COVID 19 crisis, much like us individually. A sector that employs over 300,000 people, widespread store closures, sales dropping, and freelancers struggling to name a few, the future of the beauty industry is currently troubling.
According to the BABTAC survey conducted recently, 42% are in need of financial support to combat further closures, while 35% are the main income providers of their households, entailing not only a financial affect but mental wellbeing also.
Many of these businesses behind the scenes, have worked tirelessly,gearing up for re-opening, with over 80% saying they felt confident re-opening having adapted to working around COVID-19 guidelines, it’s become a waiting game for the green light from the government. If, however, the industry is set to stay closed for the foreseeable future, over 70% of those surveyed confirmed that at least 1-4 people are at risk of redundancy. Whilst, the government funding has aided the industry, only 31% received business grants and a further 50% were able to secure self-employment support, unfortunately, nearly 18%didn’t qualify for any funding due to the parameters in place.
Lockdown has lifted for a variety of industry’s throughout the UK, with the beauty industry not yet being one of them. However, despite the evident impacts that COVID-19 has caused, brands have responded confidently to the crisis, with household names producing hand sanitizers when globally they were lacking, beauty bundles being made for frontline workers, and brands such as Kiehls set to offer virtual consultations for customers needing practiced product advice. The industry has amazed me with its bounce back of initiative to keep the beauty industry moving, while dips, and surges, are an inevitability, the reliance of the industry remains. Go beauty!
Did you know that Avon donated £150,000 to the women’s charity, Refuge? Did you also know that Soap & Glory has guaranteed to donate 30,000 products to NHS staff, vulnerable people and charities in support of these difficult times? In light of these difficult times, COVID 19 has bared how resilient the beauty industry is, the question is, is it resilient enough?
See more at https://www.babtac.com/