The Fragrance Foundation have published ‘The Economic Impact of the Fragrance Industry’ – the first-ever formal, independent assessment of the economic impact of the UK fragrance industry.
The Foundation commissioned this report by Oxford Economics to establish the key facts which underline our industry’s contribution by providing a number of key metrics. In headline terms, these show that in 2018 the UK fragrance industry is estimated to:
- have supported a £7.1 billion gross value added contribution to UK GDP
- have supported 126,700 people in employment
- stimulated £2.2 billion in tax revenues for the UK Exchequer
- account for £7.5 billion in consumer spending.
Commenting on the publication, Linda Key Jackson, CEO of The Fragrance Foundation, said:
“The economic contribution of the UK fragrance industry in sectors including farming, manufacturing, wholesale, marketing, finance and retail is above the expectations of most people in the UK. These are big numbers which are significant to GDP, sustained employment and tax receipts for UK plc. Today’s study is proof of how important the fragrance industry is to the UK and what an exciting future could lie ahead if the right resources are available.
“Achieving the industry’s potential in the UK requires the support of government, educators, career advisors and parents but together we can to raise awareness of the many and diverse careers in the fragrance industry which are open to young people in the UK today. Getting this right will ultimately provide UK companies across the fragrance industry with access to the skills they need to expand. It will also provide stimulating and rewarding jobs for individuals from diverse backgrounds who will see fragrance as a destination industry where aspiration is embraced on many fronts.”
The report is a significant reference point to illustrate the importance of our industry as part of the Board’s plan to raise awareness and specifically to support our members in finding good quality candidates to work in their businesses. We aim to promote the fragrance industry as a “destination” for individuals of all academic and cultural backgrounds.