Industry analysis breaks down personal care sector’s contributions to economy, environment and job market
06 Jun 2024 --- The Personal Care Products Council (PCPC) shines a light on the “profound economic and social contributions” of the US cosmetics and personal care products industry through its latest report, “The Beauty of Impact.” Among notable highlights, it has contributed to 4.6 million jobs through direct and indirect employment across various sectors.
Based on the most recent data available, the report also examines its effects on economic growth, scientific advancement, sustainability and community support throughout 2022.
“On every measure, our industry is thriving and contributing to the US economy while serving as an agent for positive change for people and the planet,” says Tom Myers, PCPC president and CEO.
“Our member companies are committed to creating employment opportunities, driving innovation through scientific research, and supporting consumers’ health and well-being.”
Economic contributions
PCPC finds that, among notable economic contributions, the personal care industry has generated US$203.3 billion in labor income.
It also reveals that US$308.7 billion was added to the US GDP, evidencing the industry’s impact on the national economy.
Meanwhile, US$82.3 billion was generated in federal, state and local taxes to support public services and infrastructure.
Despite the challenges posed by the pandemic, the personal care industry demonstrated “remarkable resilience and growth,” including a 15% increase in GDP contributions since 2020, highlights the report.
This growth includes a 17% rise in total employment, a 19% boost in labor income and a 27% increase in tax payments.
Industry ecosystem
In small business support, the report found that 71% of employees in the personal care industry work for businesses with fewer than 50 employees, underscoring the industry’s active entrepreneurship ecosystem.
Looking at diversity and inclusion, the report reveals the sector’s employment rates for women (nearly 80%) and people of color (33%) “significantly exceeded” national averages.
Over 5,700 professionals are employed in science, technology, engineering and mathematics (STEM), which drives innovation and ensures product safety.
Meanwhile, it is shown that industry leaders reduced Scope 1 GHG emissions by 8.7%, while the overall industry donated US$170 million to various causes. This translates to US$1,500 for every US$1 million in revenue, “significantly above the national average.”
PCPC has worked with PricewaterhouseCoopers since 2016 to measure the economic and social impact of the personal care products industry using the most recent government data.
For a detailed look at last month’s top story developments in the personal care industry, click here to read more.
Edited by Benjamin Ferrer
