The report dives into the beauty and personal care industry’s significant economic and societal role within the EU27. This sector is a part of everyday life for European citizens, offering essential products and services. However, there is a lack of substantial evidence showcasing the sector’s contributions to the economy and society, which the report aims to address. By illuminating this evidence gap, it assists policymakers in understanding the complexities of the industry and evaluating the implications of policies on its value chain.
In 2023, consumer spending on beauty and personal care contributed €180 billion to the EU27’s GDP and generated €71 billion in tax revenues. Remarkably, this contribution matches the combined GDP of Croatia, Slovenia, and Estonia. Such figures reveal that the beauty sector’s impact competes with some of Europe’s most valuable industries, reaffirming its importance in the broader economic landscape.
The report also examines the sector’s commitment to research and development, including trends in spending and hiring. Furthermore, it highlights initiatives aimed at social and environmental sustainability, showcasing the beauty and personal care companies’ influence on consumer behaviour across the EU27. This exploration adds depth to understanding how the industry adapts to modern challenges while maintaining its relevance.
The report outlines the beauty and personal care industry’s economic impact in the EU27, revealing a €180 billion GDP contribution in 2023, alongside €71 billion in tax receipts. It addresses the evidence gap regarding the sector’s societal contributions and highlights its efforts in R&D and sustainability, helping policymakers to better understand and support this essential industry.
In summary, the beauty and personal care industry is not just about aesthetics; it plays a crucial economic role in the EU27, contributing significantly to GDP and tax revenues. This report serves as a vital tool for understanding its comprehensive value chain, covering aspects from consumer expenditure to sustainability efforts. Policymakers are encouraged to recognise and support this thriving sector to leverage its full potential.
Original Source: www.oxfordeconomics.com
