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Economy of Beauty is the business culture platform of Banca Ifis’ Social Impact Lab Kaleidos and, this year, it was created as part of Ifis art, a project that brings together all of the Bank’s initiatives for the enhancement of art, culture and contemporary creativity.
The Market Watch Economy of Beauty returns in its fifth edition to tell how the Beauty sector manages to generate wealth through a deep connection with the business and traditions of our country.
In the new edition of the study, an innovative approach of companies to Art and Culture emerged, which, become tools to stimulate the development of wealth and skills in the core business. The culture-economy relationship is strengthened, demonstrating, also for 2023, that Beauty has increased its contribution to Italy’s GDP and accounted for a significant part of growth.
The study identified Italian companies that invest in Art and Culture-focused projects with an impact on their organisation, analysing their impact on business productivity in absolute terms and in comparison, with peer companies.
Actors from which the arts and culture sphere has never been able to do without are the banks, which, while in the past they played a supporting role, are now active in enhancing the cultural heritage and creating value for themselves and society.
In fact, the analysis of Italian banks showed that 16 banking groups are involved in projects and initiatives related to Art and Culture, demonstrating how these investments have a positive impact on corporate productivity.
There is more and more Beauty in the Italian GDP: at the end of 2023 the contribution of this particular economic sector to the national Gross Domestic Product will be 29.2%. Exceptional confirmation that Beauty has continued to contribute to the economic growth of our country. For this new edition, we have chosen to focus on the relationship between Italian business and projects based on Art and Culture, demonstrating the positive value and improved productivity of business.
the contribution to GDP of the Economy of Beauty in 2023, demonstrating the driving role for the Italian economy
that generate 192 Billions with projects based on Art and Culture
is the average annual growth rate of productivity of enterprises with projects on Art and Culture
From the third to the fourth edition, how has the world of the Beauty Economy changed?
Back to last edition’s results
“The Economy of Beauty has demonstrated with numbers and concrete testimonies, from small and large entrepreneurs in our country, how successful the combination of art and culture and business activity is. A union that creates value, both economic and social, and that confirms the key role of the figure of the entrepreneur-patron for the virtuous development of the community. This is why I wanted to create ‘Ifis art’, the brand that brings together all the projects of Banca Ifis that aim to enhance the cultural heritage of our country. An integrated platform that is open to both our people and the territory and which, among other things, includes a corporate collection of important works exhibited in the Group’s offices, the Villa Fürstenberg International Sculpture Park in Mestre, support for the most important national art events – from the Venice Biennale to Rome Arte in Nuvola -, as well as major operations such as the purchase and restoration of Banksy’s work ‘Migrant Child’, in Venice, and the Palazzo San Pantalon, on which it was created.”
Ernesto Fürstenberg Fassio, Chairman of Banca Ifis.
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