The report delves into the significant economic and societal effects of the beauty and personal care industry within the EU27. This sector, intertwined with the daily lives of European citizens, offers essential products and services. Despite its importance, there is a lack of compelling data illustrating its contributions, prompting this report to spotlight existing gaps to aid policymakers in better assessing the industry’s full impact and value chain.
In 2023, consumer spending on beauty and personal care contributed a remarkable €180 billion to the EU27 GDP, alongside generating €71 billion in tax revenue. This impressive GDP contribution is akin to the combined economic output of Croatia, Slovenia, and Estonia, emphasising the sector’s substantial presence, comparable to some of the EU’s leading industries.
Additionally, the report investigates the sector’s history in research and development, examining spending and recruitment trends. It also highlights various social and environmental initiatives pursued by beauty and personal care companies, showcasing their influence on EU27 consumers.
The report discusses the beauty and personal care industry’s economic and social contributions in the EU27, revealing its €180 billion impact on GDP in 2023, equivalent to the GDP of Croatia, Slovenia, and Estonia. It highlights a need for more evidence to guide policymakers and examines R&D trends and sustainability efforts in the sector.
In summary, the beauty and personal care industry plays a vital role in the EU27, contributing significantly to the economy and society. With its substantial GDP input, comparable to multiple countries, and ongoing commitment to R&D and sustainability, the sector’s impact cannot be overlooked. Policymakers are encouraged to consider these findings to support and enhance the industry’s growth.
Original Source: www.oxfordeconomics.com
