The Impact of the Beauty Industry on the Economic Growth at the European Union Level

The theme of the paper is the impact of the cosmetic industry on the economy. The reason for choosing this theme is the passion for cosmetics and personal care and belief in the importance of this aspect in people’s lives. Although the subject is very broad, with many data and details that extend over the decades since the establishment of this industry, the paper tries to summarize this information. This topic is discussed from the perspective of several mini chapters such as the socio-economic contribution of the European cosmetics industry, the impact on people’s lives, the past vs. the present cosmetics industry and the impact of COVID-19 on this industry. This article assesses the short- and medium-term impact of the beauty industry, based on multiple market reports, literature review and official statements by market leaders. When talking about the beauty industry, we consider the categories of makeup, perfume, personal hygiene and skin, hair, and body care.