SOUTH East hairdressers could lose more than £7 million if they don't embrace a "cashless society" post lockdown, according to new research.

Financial market analysts,, claim that hairdressers across the UK are set to lose out on £81 million in missed tips if they continue to reopen without proper consideration for cashless practises, and barbers in the South East are on course to lose the most in the UK - £7.3 million - apart from London.

As hair salons prepare to reopen across the UK after lockdown, many are putting social distancing measures in place, including the use of cashless payment systems, but this study raises the necessity for those businesses to adjust processes and systems to facilitate a cashless way of tipping.

The research showed that 63% of customers wouuld avoid tipping if they couldn't use cash, and three out of every four people said that they would worry when using cash as this would leave them open to germs and infection, which equates UK-wide losses of £81,270,000 for hairdressers based on a standard 10% tip.

Speaking of the findings, Nigel Frith, senior financial analyst at, said: "It’s clear that a move to a cashless society is on the cards, as consumers have been encouraged to use cashless payments during the pandemic.

“The net gains of that move could be positive; the ease of digital payments combined with the rise in challenger banks and payment-enabled devices mean it’s a more accessible payment method than ever before. Yet the impact on those in service industries cannot be ignored.

“To move with the times, either the hospitality businesses themselves, or those making use of their services, will need to change their behaviours - either continuing to allow a level of cash payment, or making tips via cashless payment a clearer option.”