The Fragrance Foundation Releases Report on £7 Billion UK Fragrance Industry.
The Fragrance Foundation, a non-profit organisation setting standards for the fragrance industry in the UK, has today released the first-ever independent report to quantify the industry’s contribution to the UK economy. The key findings from the report, commissioned from Oxford Economics, 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 £2.1 billion in tax revenues for the UK Exchequer
- Accounted for £7.5 billion in consumer spending.
Commenting on today’s 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.”
Andrew Logan of Oxford Economics added:
“The fragrance industry has a large positive economic footprint in the UK and must be recognised as a valuable asset for the UK economy. This impact is centred around the wholesale and retail of fragrance products. However, there is also a notable manufacturing footprint, with additional impacts in sectors across the economy driven by the supply chain spending and consumer activity that the industry’s payment of wages creates.”
The Oxford Economics report is the first comprehensive independent assessment of the fragrance industry’s contribution to the UK economy. The report includes an economic impact assessment of the direct impact of the industry’s employment of 56,640 people and associated GDP contribution; the indirect impact of activity and employment stimulated along the industry’s supply chain from its procurement of goods and services; and finally the induced impact from the wider benefits to the UK economy which arise from the salaries and spending of those employed.
The full Oxford Economics report entitled ‘The Economic Impact of the Fragrance Industry’can be found at https://www.oxfordeconomics.com/ as well as the report being attached to this News Page here - The Economic Impact of the Fragrance Industry 15-3-19 PDF_3.