What’s in store for the hair and beauty industry in 2024?
The National Hair & Beauty Federation (NHBF) quarterly survey in September 2023 revealed that despite the challenging economic climate with double-digit inflation and the cost of doing business, the industry had a recovering year albeit slow and steady. According to the survey, 45% of businesses reported making a good or small profit, while 42% of businesses broke even.
The industry is expected to face its own set of challenges and opportunities in the coming year. We can anticipate the implementation of new employment laws, and the adoption of new technologies in salons and barbershops, such as Artificial Intelligence (AI) is predicted to change the way services are offered, and clients are served. Sustainability and wellbeing will remain hot topics in the industry.
Changes to Employment Laws:
In 2024, various employment laws and statutory pay rates will come into effect in the UK. These areas include:
- The Protection from Redundancy (Pregnancy and Family Leave) Act 2023, will extend redundancy protections to employees who are pregnant or have recently returned to work from such leave, similar to those currently applied to employees on maternity, adoption, and shared parental leave. These changes are expected to take effect in 2024.
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Wellbeing in 2024
Feeling good, both inside and out, are at the heart of the salon and beauty industry. The NHBF is partnering with the NHS on its mental health campaign, Every Mind Matters. This campaign aims to equip clients and practitioners in the industry with information and tools to improve their mental health and wellbeing. By working with the NHS, the NHBF is showing its commitment to the wellbeing of those in the industry.
Continuing Advocating for Salons and Barbers at the Highest Levels in 2024:
The NHBF is a vital resource for businesses in the salon and beauty industry. It is not just a support system but a powerful advocate for the interests of these businesses. The NHBF actively campaigns for issues that matter most to salons and barbershops, including fair wages, business rates, and health and safety legislation.
Our highly-anticipated report on VAT for the salon and beauty industry is set to be released next year. The report will provide valuable insights for the industry and proposals for policymakers; helping the sector navigate the complex landscape of VAT and the option of a smoothing mechanism around the VAT threshold.
By being a part of the NHBF, businesses in the salon and beauty industry gain a collective voice that resonates at the highest levels. The NHBF's advocacy efforts have a real impact on policies that shape the industry's landscape. Joining the NHBF means becoming a part of a community that supports and empowers small businesses in the salon and beauty industry, giving them the resources, they need to thrive.