Register now!
Tuesday, June 11, 2024Sector

Cosmetics industry boosts US economy

L'industrie cosmétique stimule l'économie américaine

According to a report published by the Personal Care Products Council, the local beauty industry makes a significant contribution to the health of the US economy and creates jobs.

Reading time
~ 1 minutes

According to figures published by the PCPC, the local cosmetics industry represents:
• 6 million jobs
• 203.3 billion dollars in wages
• 308.7 billion in GDP
• 82.3 billion in federal, state and local taxes

American beauty has also contributed:
• By 15% in contributions to GDP since 2020
• By 17% in employment nationwide
• By 27% in tax payments, thus contributing more to public revenues

In its report, the PCPC also points out that “71% of employees work for companies with fewer than 50 employees, demonstrating the sector’s role in promoting entrepreneurship. Employment rates for women (nearly 80%) and people of color (33%) far exceed national averages, demonstrating the industry’s commitment to equity.”
American beauty aims to be responsible and ethical: industry leaders have reduced greenhouse gas emissions by 8.7% and donated $170 million to various charities.

“By any measure, our industry is thriving and contributing to the U.S. economy while being an agent of positive change for consumers and the planet,” said Tom Myers, President and CEO of PCPC. “Our members are committed to creating job opportunities, stimulating innovation through scientific research, and supporting the health and well-being of all.”

This content is only available to subscribersPREMIUM, PRO, STARTUP and TPE

Already subscribed?Log in

Discover our subscriptions

Prepare your visit!

SectorOther articles