Yoco’s data suggests the Health & Beauty sector is on the rise

Since the start of the pandemic, the health, beauty and fitness category were the worst-affected sector. 

When people began to self-isolate and companies first implemented work-from-home measures in the second half of March 2020, food, drink and hospitality players took an immediate 30% hit, with a 90% decline in credit card transactions since the lockdown began. 

However, this sector is now showing positive signs of recovery after two very challenging years. Over January and February 2022, Yoco’s health & beauty businesses showed a 5% uplift compared to trading over the same period in 2021. This could be an indication that consumers are more ready to return to salons and spas. 

Matt Brownell, VP Commercial for Yoco says, “The sector has been very resilient throughout this time. These businesses account for about 25% of Yoco’s customer base, and as a company whose primary objective is to empower and grow small businesses, we are happy to see this trend of recovery”. 

“It has been difficult to watch the impact of the pandemic on this sector. Tools like Yoco Link and Voucher have enabled some of the merchants to continue trading, but as a primarily in-person industry, Health & Beauty businesses are relying on the return of customers. We encourage South Africans to continue supporting their local small businesses”, adds Brownell.  

About Yoco

Yoco is an African technology company that builds tools and services to help small businesses get paid, run their business better, and grow. We believe that by opening up more possibilities for entrepreneurs to be successful, we can help create more jobs, enable people to thrive.  Yoco has been named as one of Fast Company’s Best Workplaces for Innovators 2021. Find out more here and view our press page here.