Sirius Bulletin - 14th March 2022
This bulletin provides a summary of topical news, announcements and policy developments affecting business across the UK.
Hair and beauty
Organic market grows by 15%
The organic beauty and wellbeing market is now worth a record £138.23 million after a 15% growth in sales in 2021. Every month £11 million is spent on certified organic and natural beauty products.
Read more about the increase at: www.retailtimes.eo.uk/organic-beauty-and-wellbeing-market-blooms-with-15-growth-in-2021
150% hike in pubs’ energy bills
Hospitality businesses across the UK have seen energy bills rise by 150% or more compared to pre pandemic levels. According to the British Beer & Pub Association, this is equivalent to an £800 million additional cost to the sector.
Read more about the increase at: www.morningadvertiser.eo.uk/Article/2022/03/03/hospitality-sector-sees-energy-bills-increase-by-150
Increase in output
UK commercial vehicle production grew by 22.2% year-on-year in January 2022, but remained more than a quarter lower than the same period in 2019. The growth was driven by an increase in overseas demand, with more than half of all vehicles built in the UK shipped abroad.
Read more about the increase at: www.alphabet.com/en-gb/auto-digest/uk-commercial-vehicle-output-begins-2022-222
Right to work checks warning
Restaurants and takeaways account for more than half of the penalties issued to businesses for employing workers without the right to work in the UK. Since 1 January 2021, businesses that employ EU nationals must carry out right to work checks.
Read more about the checks at: www.personneltoday.com/hr/right-to-work-checks-warning-for-employers-brexit-law-firm
Iceland backtracks on pledge
Iceland has admitted that it is unlikely to remove all plastic from its shelves by 2023. The retailer had pledged that its own-label products would be plastic-free by 2023, but the pandemic and an increase in customers shopping online have made it more difficult.
Read more about the pledge at: www.grocerygazette.co.uk/2022/03/07/i celand-backtrack-on-plastic-free-pledge/?
Increase in finance
Annual car finance applications for battery electric vehicles increased by 160% in 2021. Demand for electric vehicles has increased since the pandemic, with finance applications increasing by 436% between 2019 and 2021.
Read more about the increase at: https://customer.vwfs.co.uk/vwfs-uk-blog/electric-vehicles/electric-car-hotspots.html
Production continues to fall
Car production fell by 20% year-on-year in January 2022, the weakest January total since 2009. The fall was attributed to the sustained worldwide shortage of semiconductors. However production of electric vehicles increased by 37.6%.
Read more about the fall at: https://cardealermagazine.co.uk/publish/another-torrid-start-to-the-year-as-uk-car-production-hits-lowest january-figure-since-2009/255757
Surge in fertiliser prices
The cost of fertiliser, animal feed and CO2, which is used in packaging and the slaughter of livestock, has increased as the war in Ukraine disrupts exports from Russia. Fertiliser prices are almost £1,000 a tonne, up from about £650 in the first week of March 2022. According to the NFU, prices for nitrogen fertiliser were already up 200% year-on-year.
Read more about the increases at: www.theguardian.com/business/2022/mar/08/surge-in-fertiliser-prices-adds-to-pressure-on-uk-farmers?
Affiliates help increase sales
Coffee subscription services grew by 105% year-on-year in 2021, despite coffee shops reopening after the end of Covid-19 restrictions. The growth has been strongly supported by affiliate marketing sites, which account for 72% of all subscription sales.
Read more about the growth at: www.retailtimes.co.uk/coffee-subscription-services-gather-momentum-post-pandemic-with-105-annual-growth leveraged-by-affiliate-marketing-sites
DISCLAIMER While all reasonable efforts have been made, the publisher makes no warranties that this information is accurate and up-to-date.