When asked about what I love about the beauty industry, I usually point out three main factors: that I get to work with and surrounded by women, that the industry is populated by smaller, personal businesses, and that the industry works to make the world a better place by making people feel better about themselves. Now, I have some data to back up my claims, from the GCI May 2010 issue (yes, I was catching up on my reading Saturday on my way to our Geneva offices, where I am writing from):
At the general session of the Personal Care Products Council‘s 2010 Annual Meeting, PicewaterhouseCoopers presented highlights from its study on the economic and social impact of the personal care products industry. Here are some of the key highlights:
- Industry employment diversity is strong. Women comprise 66% of the industry workforce, compared to 48% of the workforce for all industries. Minorities represent a higher share overall and in management (35% and 19% respectively) than the economy in general (34% and 18% respectively).
- The industry generates a significant trade surplus. The industry generated trade surplus of $5 billion in 2008, compared to a trade deficit of $819 billion for the economy as a whole.
- Industry charitable contributions are high. Industry philanthropic contributions exceeded those of other industries by more than 60%. For every $1 million personal care product manufacturers received, they made charitable contributions of approximately $1,400, compared to an average of $539 across other industries.
- The industry fosters small businesses. Companies with fewer than 10 employees account for 72% of the industry’s employment, while companies with less than 50 employees account for 92%.
- The industry increases R&D spending. Personal care product manufacturers increased research and development spending at a 5/6% average annual rate from 1997 to 2007.
Thank you GCI for reporting these facts. I am happy to know that all this time I haven’t been lying about why I love the beauty industry!