The British Beauty Council launched the Value of Beauty report on 19th July 2019, with a celebration at Spring Studios. Since the launch, it has been referred to by policy makers, business leaders, brands, clients and customers.
The Value of Beauty is an economic impact report, conducted by Oxford Economics, commissioned by the British Beauty Council.
Oxford Economics are leaders in global forecasting and quantitative analysis – for this report they set out to value the British beauty industry, both in terms of its contribution to GDP, as well as the value of consumer spending and tax contributions. Within the report, it is shown that in 2018 the British beauty industry made a total contribution to UK GDP worth £28.4 billion; on top of this, it supported £7.0 billion in UK tax revenues in 2018, and consumer spending was valued at £27.2 billion. For the first time, the Value of Beauty gave our industry a value, one which cannot be ignored. The total contribution to UK GDP of the beauty industry was shown to be more than that of the manufacturing of motor vehicles and sports activities.
With such robust, undeniable figures, the Value of Beauty has helped bring beauty to the attention of key figures, policy makers and business leaders. Seen below, the Rt. Hon Caroline Nokes MP at the ‘Beauty & Wellness Sector Workforce’ Westminster Hall debate on 23rd June 2021 quoting from the Value of Beauty report:
The British beauty industry is home to a talented, highly-skilled workforce, which represents one in every sixty jobs within the UK economy. Our industry’s social impact and influence, careers and education, and what this all means to the economy are all looked at within the Value of Beauty report.
The Value of Beauty revealed that the British beauty industry is a viable, impactful, contributor to the UK’s economy.
You can read the Value of Beauty for free here.
