Personal Care Products Council notes economic, social contributions of beauty industry
The Personal Care Products Council, or PCPC, is shining a light on the economic and social contributions of the cosmetics and personal care products industry in its “The Beauty of Impact” report.
Studying the industry’s role in job creation, economic growth, scientific advancement, sustainability and community support, the report notes that 4.6 million jobs are supported through direct and indirect employment across various sectors.
“On every measure, our industry is thriving and contributing to the U.S. economy while serving as an agent for positive change for people and the planet,” said PCPC President and CEO Tom Myers. “Our member companies are committed to creating employment opportunities, driving innovation through scientific research, and supporting consumers’ health and well-being.”
A total of $203.3 billion was reported in labor income, which highlights the industry’s commitment to providing well-paying jobs, and a total of $308.7 billion was added to the gross domestic product, as well as $82.3 billion was collected in federal, state and local taxes, the organization noted.
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Lastly, since the pandemic in 2022, there has been a 15% increase in gross domestic product contributions, a 17% rise in total employment, a 19% boost in labor income and a 27% increase in tax payments.
Other notable findings from the report are employment rates for women are nearly 80% and people of color count for 33% of the workforce, which surpasses national averages and a STEM investment of more than 5,700 professionals in the space.
In 2022, STEM professionals accounted for 8% of all roles within personal care products manufacturing companies, highlighting the sector’s significant investment in scientific expertise, the organization notes.
