New PwC Study Projects 12% GrowthFor Personal Care Industry in China
• The Personal Care Products Council released a new study by PricewaterhouseCoopers (PwC) on the economic and social impacts of the personal care products industry in China. The study found the industry makes important contributions in the areas of research and development, employment of women, environmental sustainability, charitable contribution, and international trade.
Based on 2008 data, the study found that the industry was directly or indirectly responsible for the employment of more than 2.5 million Chinese workers, accounting for 53 billion RMB ($8.4 billion) in labor income and contributing 164 billion RMB ($26 billion) to the gross domestic product (GDP). PwC has projected an annual growth rate of 12% for the industry through 2020.
Lezlee Westine, president and CEO of the Personal Care Products Council (PCPC), was in Beijing to share the study. “China is an essential marketplace for the global cosmetics industry,” Westine said.
“Chinese families use products every day in their beauty and grooming routines, and demand the highest quality. The manufacture and distribution of personal care products is an increasingly important sector of the Chinese economy, and the industry offers new opportunities for women, who represent 80% of the industry’s workforce.”
More info: www.Cosmeticsinfo.org
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