NHBF Business Update Tuesday 26 March 2024

New NHBF Board Members Elected, Set to Bring Fresh Perspectives

The National Hair and Beauty Federation (NHBF) is pleased to announce the appointment of Debbie Digby, Beverley Bates, Richard Marshall and Louise Fordham as its newest board members. NHBF members voted for their appointment, and they will officially begin their roles in July 2024.

“We are so excited to welcome them all to the NHBF board and look forward to officially introducing them at the July AGM,” said Amanda Lodge-Stewart, President of NHBF.

Bank of England holds interest rates, as inflation dips

According to the latest economic data, the inflation rate in February 2024 decreased to 3.4%, which is a significant drop compared to the previous month’s rate of 4%. This decline in inflation can be attributed to a decrease in the prices of certain goods and services in the market. The Bank of England, in its recent announcement, has decided to maintain the base rate at 5.25%. This decision is aimed at ensuring that the economy remains stable, and inflation is kept in check. This move is likely to provide a boost to the financial markets and help maintain investor confidence.

Data protection fines and penalties: New guidelines from the ICO

The Information Commissioner’s Office (ICO) has set out new guidelines for how fines are issued relating to data protection breaches, giving greater transparency on how penalties and fines are calculated and the criteria and methodology used to assess breaches.

Barbershops take top spot for fastest growing retail

The Retail and Leisure Trends Report 2023 by The Local Data Company has revealed that Barbershops are the fastest-growing retail businesses in 2023. The category has returned to its pre-pandemic levels of growth, with a net increase of 665 units in 2023, which is 441 units higher than the previous year’s increase. Other hairdressing, health & beauty categories like nail salons (+302 units) and beauty salons (+254 units) are also among the top 10 fastest-growing categories, along with barbers.

There has been a decline in the number of hair and beauty salons (-247) and hairdressing (-752). This decrease is larger than the previous year’s decline. 

The report also provides information on vacancy rates, growing and declining retail and leisure categories, and Central London’s office hotspots. 

You can download the latest Local Data Company analysis report on FY 2023 from their website.