The British Beauty Council has released its report on The Value of Beauty (May 2019). The report has been conducted with Oxford Economics and focuses on the economic impact of the Beauty Industry over the past year on the UK economy. It details the extent to which the demand and innovation in the sector have put beauty at the heart of the UK economy, whilst establishing itself as a major cultural footprint. The main points conclude:

• The beauty industry's contribution to the UK economy is driven primarily by consumer spending on products and services. In 2018 the gross value-added contribution to GDP was approaching £30 billion. 
• In 2018 the beauty industry supported 590,500 jobs throughout the UK. 

The report identified two important ways in which the industry enhances the productive potential of the UK economy:

• By building the skill sets of its employees through vocational training. 
• By its pioneering use of digital influencers as a marketing tool, which may in time rival traditional advertising as a means for firms to reach out to potential customers. 

Caroline Rush CBE, CEO of the British Fashion Council said: "It is fantastic to see the value of the Beauty Industry quantified for the first time, beauty like fashion is a modern, forward-looking industry, that is a significant contributor to GDP, accessible by extremely broad audiences and provides significant employment from both big businesses to the independent freelancers throughout the UK." 

Read the full report here.