A recently released report from American Express OPEN cites rapid growth for women-owned businesses and ranks California as home to the greatest number of them with nearly 1.5 million in the Golden State.
This surge in women-owned business is no surprise for those of us in the personal care product and cosmetics industry, which for decades has provided significant opportunities and low barriers of entry to millions of American female entrepreneurs and business leaders.
We have documented this in our 2016 Economic & Social Contributions report, for which PricewaterhouseCoopers measured the economic impact of this dynamic, innovative industry.
According to the study, women hold 62 percent of the jobs in our industry – nearly 53 percent hold management positions. This surpasses the national average across all industries, and we are incredibly proud of this achievement. An additional 16.3 percent of our workforce is women of color. These women are leaders in our industry, accounting for 11.2 percent of all management positions, as compared to the national average of 8.3 percent.
Our contribution to women and the entire workforce is significant in California, where 2 percent or 415,680 jobs depend on the beauty and care industry.
We are proud to share our industry’s commitment in championing women’s careers and furthering their economic independence, and we look forward to seeing those numbers increase over the years. So, the next time you apply your lipstick, sunscreen, body lotion or deodorant, know that those products represent a pathway to opportunity for millions of American women…and their families.
Our companies play an important role in our society. Of particular note, our industry supports a diverse workforce and provides jobs, opportunities for entrepreneurs, and empowers women of all backgrounds to help them achieve economic independence.
In 2013, our industry supported 3.6 million domestic jobs that earned $144 billion in wages and incomes through direct, indirect and induced contributions.
Like agriculture and the service sectors of the economy, the makers and sellers of cosmetics and personal care products have played a quiet and unappreciated role for their meaningful contributions to helping sustain women-owned companies and California jobs during the Great Recession. The future is bright for our industry, which continues to reflect the innovation, creativity and entrepreneur spirit that defines California.
Lezlee Westine is the president & CEO of the Personal Care Products Council, the leading national trade association representing the global cosmetic and personal care products industry.