The Economic Power Of Beauty
In the rush to break news about a hot new item or a captivating retailer, it is easy to lose sight of the impact the beauty business has on the world. This week’s Personal Care Products Council’s Annual Meeting underscored the importance of the companies that comprise the personal care business.
First, there is the social contribution. Chairman of PCPC Dan Brestle reminded attendees of the philanthropic program, Look Good…Feel Better. This program helps women deal with the appearance-related side effects of cancer treatment. Anyone who has known a woman undergoing chemotherapy can relate to the number-one concern they have: losing their hair. These programs help women look good and feel better under stressful circumstances. According to facts presented during the meeting, industry charitable contributions from the personal care business exceeded those of other industries by more than 60 percent. For every $1 million personal care product manufacturers received, they made charitable contributions of approximately $1,400, compared with an average of $539 across other industries.
Related Articles
But beyond the good the beauty business represents, there is the sheer economic importance of the industry. PriceWaterhouseCoopers analyst Susan McPartlin and John Stell presented highlights from their study on the economic impact and social contributions of personal care products companies. Results showed the industry contributed significantly to sustainable economic growth by providing job opportunities for millions of Americans — particularly women and minorities, developing small businesses, enhancing trade opportunities, making considerable charitable contributions, and being environmentally responsible.
Here’s an eye opener — the business is responsible for creating nearly 2.8 million American jobs contributing $189 billion to America’s GDP. And, looking beyond the traditional boundaries of beauty, the total is higher when cosmetologists and nail technicians are added. The industry can pride itself in employment diversity and the fact that women and minorities represent a higher share overall employment and of management positions than the economy in general.
A few other interesting tidbits: the personal care industry product manufacturers, for the most part, are less energy-intensive than other manufacturers, reducing the use of natural resources. The industry fosters small businesses and companies with fewer than 10 employees account for 72 percent of employment.
So when we think of the personal care business, we need to extend beyond a great skin care formula or a scintillating scent – it is also a business that makes its impact on our entire world.
People, Place and Things
A few words from Dan Brestle, PCPC Council Chairman from the Annual Meeting.
On Legislative and Safety Issues: “While we worked on the legislative and regulatory fronts, we also continued our work to strengthen and enhance important safety programs that reinforce our industry’s commitment to product and ingredient safety. We welcomed two new chemists to the Cosmetic Ingredient Review Expert Panel, and we made significant progress in enhancing CIR procedures to increase efficiency.”
On the International Front: “We continued to engage actively with industry associations and regulators and to advocate for the international harmonization of regulations that will help improve our business operations, reduce costs, and market safe products worldwide. Our industry’s international growth has been significant, and even during a time when the U.S. and global economies have been in meltdown, many international markets have continued to grow.”
What’s In Store
Goodies At Goody: Goody is launching for 2010 its new Simple Styles collection, a line of easy-to-use tools to help women achieve styles at home. Specifically, there are products for undone buns, voluminous ponytails and modern twists. The products are available in colors to match women’s hair.
EcoStore At Duane Reade: EcoStore has formed an exclusive partnership with Duane Reade making it the first drugstore chain in the U.S. to offer the line of plant and mineral based household cleaning, baby care and personal care products.