Brexit boost for beauty market
The beauty industry has boomed in post-Brexit Britain, with sales of prestige beauty products growing twice as fast, at 6% in the three months following the UK referendum.
The greatest growth has been in the sale of niche fragrances and premium skin care, which reported double digit growth.
“The growth in prestige beauty sales is impressive,” says Teresa Fisher, Senior Account Manager, NPD UK Beauty.
“Post-Brexit, there was much uncertainty in the market, but what these figures show is that the demand for luxury and prestige beauty products has been boosted by Brexit. Why? We know that shopping in the UK became less expensive for overseas tourists due to the drop in value of the pound, and that the largest growth in the market has been in London and online.”
All data from the NPD Group Inc., a global information company.