Florists, antique shops and beauty spas lead small business growth
New report claims Britons are putting "financial woes behind them" and helping entrepreneurs in the pampering and luxury markets to prosper
Entrepreneurs operating in the luxury, leisure and pampering markets are said to be benefiting the most from the UK’s “new found financial optimism” and leading small business growth, analysis from Worldpay has revealed today.
Assessing transaction data from UK businesses with turnover of between £500 and £1m, the research claims Britons are putting their “financial woes behind them” and “reaching for their wallets noughties-style to splash out on luxuries”.
Entertainers, florists, health spas, and antique shops are among the main businesses to have witnessed a marked increase in sales over the past year.
Entertainers and bands have seen a 38% increase in bookings, florists have seen an 11% hike in orders while beauty spas have seen a 7% rise in sales. In addition, art dealers and private galleries’s sales have risen by 7% and antique shop sales are up 5% nationally.
Dry cleaners have also seen business rise by 7% and barbers are said to have enjoyed 6% more business compared to the previous year.
James Frost, UK chief marketing officer at Worldpay, said: “Any rise in non-essential spending is great news for small business owners. But while consumers may well be relaxing their grip on the purse strings, business owners must think strategically about how to differentiate themselves in what remains a highly competitive market.”