Luxury, Leisure and Pampering lead small business growth as “Richer Britain” splashes the cash
Data from Worldpay reveals Britons are putting global financial woes behind them to enjoy the high life, with antiques dealers, florists and beauty spas among the small businesses benefiting the most from the country’s new found financial optimism.
According to Worldpay, Brits are once again reaching for their wallets noughties-style to splash out on luxuries including posh outside caterers for birthday bashes, spa breaks and pampering sessions - off-limits since the global financial slump five years ago.
Worldpay’s analysis of card transactions over the past year shows a 12% rise in spending on private catering firms as Brits seek an upgrade to the cut-price celebrations of recent years.
Bands, orchestras and entertainers have seen takings surge by 38%, while a rise in orders for floral arrangements contributed to the 11% hike in sales seen by florists over the past year. Dry cleaners have also seen business rise by 7% with people getting dressed up for social gatherings more frequently.
The feel-good factor continues into the health and beauty sector, as pampering has also made a return. Health and beauty spas saw a rise in sales of 7% with beauty product shops and barbers enjoying 6% more business compared to the previous year.
Antique shops are also doing well from the country-wide spending spree, seeing a 5% sales increase nationally and art dealers and private galleries’ sales rose by 7% year on year.
James Frost, UK CMO, 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.
“Convenience is king and today’s discerning customers want freedom and flexibility to pay in the way that they choose. Cash-only businesses will see opportunities becoming more limited by the day as technology-savvy small business owners find themselves better equipped to take advantage of improved market conditions.”
About the data:
Analysis of Worldpay transaction data for UK businesses with a turnover of between £500 and £1 million.
For more information please contact:
Sophie Bent, Golin: T +44 (0)207 067 0558
Kate Mills, Worldpay: T +44 (0) 203 664 6116.
Worldpay is one of the world’s leading independent payment processing companies, with three operating divisions: Global eCommerce, US and UK.
As the leading payment processor in the UK and Europe, Worldpay helps businesses of all sizes sell more to their customers by accepting credit and debit card payments in-store, online, via mail or telephone, and on the move.
In 2014 we handled 42% of all card payments made in Britain, and processed over 11.5 billion transactions across the world. Our online payment options cater for 326 payment types and 126 currencies, in 146 countries.