Cost of Covid-19 to hair and beauty professionals reaches over £11,000 each but confidence about recovery remains
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Cost of Covid-19 to hair and beauty professionals reaches over £11,000 each but confidence about recovery remains
- Covid-19 has cost hair and beauty professionals £11,603 on average and expect losses to rise beyond £12,800, new research reveals
- All hairdressers, beauticians and salon owners that temporarily stopped trading during the pandemic (85%) expect to continue or restart their current business. The same number that permanently ceased trading (9%) have started a new business
- Two thirds (66%) say the vaccine rollout has made them more confident about business recovery and over one in three (36%) remain confident about life after lockdown
- Despite the challenges, hairdressers, beauticians and salon owners are optimistic about recovery with over 99% expecting their business to survive past 2021
As salons across England reopen their doors, and mobile hairdressers and beauticians resume trading, a new report reveals Covid-19 has cost hair and beauty professionals over £11,000 each on average – but despite this, they’re confident of bouncing back.
The study of hairdressers, beauticians and salon owners by small business insurer Simply Business found that since the beginning of the pandemic, owners have lost £11,603 on average in earnings.
What’s more, hair and beauty professionals expect the losses to continue for some time – anticipating that Covid-19 will eventually cost them £12,801 each on average in total, despite the re-opening.
One in 10 have gone out of business
In total, 85% of hair and beauty professionals have had to temporarily stop trading during the pandemic and almost one in 10 (9%) have permanently shut down their business – showing just how badly the industry has been hit. At the same time, only a quarter (26%) have been eligible for furlough.
Resilience and optimism for the future
However, despite the challenges, there are reasons to be encouraged.
Over 99% of hair and beauty professionals expect their business to survive past 2021, while 100% of businesses who have had to temporarily stop trading during Covid-19 plan to continue with their current venture.
Meanwhile, there are just as many hair and beauty professionals planning to start a new business as there are who said they’ve permanently ceased trading (9%).
Furthermore, the vaccine rollout has boosted confidence among hairdressers, beauticians and salon owners. Two thirds (66%) say the rollout has made them more confident about the recovery of their business, and over one in three (36%) remain confident about life after lockdown.
Hair and beauty professionals have also used the pandemic to spend more time with family where they can (62%), focus on themselves (35%), rest (34%) and learn new skills (20%).
Alan Thomas, UK CEO at Simply Business comments: “The hair and beauty industry has been hit particularly hard in this last year, and the scale of the impact on small businesses and the self-employed is abundantly clear in our latest research. Covid-19 has cost hairdressers, salons, and beauticians over £11,000 each on average, which is a huge collective loss to the economy.
“More importantly beyond the economic hit, we should recognise that behind each of these small businesses is a small business owner – each with families, livelihoods, and dreams. The impact of the pandemic on so many of these individuals and their communities has been devastating, both financially and emotionally.
“Against such a tough backdrop it’s inspiring to see small business owners display such resilience and this is especially true for the hair and beauty sector where almost every professional, whether mobile or in a salon, believes they’ll operate beyond this year. So as hair and beauty professionals prepare to safely reopen their doors, there are reasons to be hopeful - including the end of lockdown DIY hair and nail treatments!”
-Ends-
Methodology:
Data: Survey of 175 hair and beauty salon owners from across the UK, conducted March 2021 as part of wider survey of 1,206 small business owners into the impact of Covid-19 one year on
For further information, please contact:
Frank PR
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About Simply Business
Simply Business is one of the UK’s biggest business insurance providers, specialising in public liability insurance for SMEs and insuring over 900,000 small businesses and landlords across Britain.
Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements. Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 800 people across offices in London, Northampton, and Boston in the US.
Owing to its internal underwriting capability, Simply Business can cover over 1,000 trade types – ranging from plumbers to accountants to dog walkers. An accredited B Corp for their positive social impact, Simply Business has also been voted the Sunday Times Best Company To Work For twice in a row.
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