By Tom Myers
President & CEO, Personal Care Products Council
I’m excited to share our latest economic and social contributions report, “The Beauty of Impact,” which showcases the incredible achievements of the U.S. cosmetics and personal care products industry. This industry supports our economy, enriches our communities and champions environmental sustainability. Since the 2020 report, we’ve seen remarkable growth in gross domestic product (GDP) contribution, job creation, labor income and tax payments. Beyond these impressive numbers, our industry’s commitment to diversity, innovation and community support shines through, making a tangible difference in people’s lives. The report is a testament to the dedication and hard work of everyone in our industry, and I am immensely proud to be part of this extraordinary journey. The data speaks for itself:
- 4.6 million jobs: Direct and indirect employment across various sectors
- $203.3 billion in labor income: Providing well-paying jobs nationwide
- $308.7 billion added to the GDP: A significant economic force
- $82.3 billion in taxes: Supporting federal, state and local services
Economic Resilience and Growth
Our industry survived the pandemic and thrived, generating a $2.6 billion trade surplus, the second-largest surplus in the manufacturing sector. In addition, the industry’s contribution to the nation’s GDP increased by more than 15%, total employment increased by more than 17%, total labor income increased by 19% and total tax payments increased by 27% since 2020.
Social Contributions
The industry’s impact extends beyond economics. It is a leader in fostering positive social change, contributing to the health and well-being of our communities, the nation and the planet by:
- Fostering entrepreneurship and small businesses, with 71% of employees working for a small business with fewer than 50 employees;
- Supporting women and people of color by dramatically exceeding national averages for employment for women (nearly 80%) and people of color (33%);
- Investing in science by employing more than 5,700 science, technology, engineering and mathematics (STEM) professionals;
- Contributing to a more sustainable world with industry leaders reducing greenhouse gas (GHG) Scope 1 emissions by 8.7%, and
- Giving back to communities by donating $1,500 for every $1 million in revenue, totaling $170 million to a range of charitable causes.
I am incredibly proud to be part of an industry that drives economic growth and champions social well-being and environmental responsibility. The sustained impact of our industry is the result of decades of dedication to these values.
As we celebrate these accomplishments, we also look to the future with a continued commitment to economic and social contributions to make a difference. Our industry is doing great things—creating employment opportunities for millions of people, investing in scientific research to drive innovation, and supporting the health and well-being of everyone who uses our industry’s products—because that impact is truly extraordinary. Today and for decades to come.
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Since 2016, PCPC has worked with PricewaterhouseCoopers (PwC) to measure the economic and social impact of the personal care products industry using the most recent government data available. An executive summary and the full report are available on PCPC’s website, including detailed data for every state and the nation’s largest Metropolitan areas (New York and Los Angeles).
