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Arts and culture: how are they a driving force for business?

Balance sheets, supplies, stock market fluctuations, or market changes—this is the daily life of many companies. A context seemingly disconnected from Art and Culture, yet they do intersect. In the fourth edition of Economy of Beauty 2024 ‘Art and Culture as Strategic Assets of Competitiveness’, the Research Office of Banca Ifis explored how these two paths can intersect and complement each other, with insights from Carmelo Carbotti, Strategic Marketing & Research Manager.

Which sectors are most active in investing in Art and Culture projects?

A total of 732 Italian companies are involved in Art and Culture projects, with generative or transformative aims that significantly impact both the company and its context.

These companies are able to generate annual revenues of EUR 192 billion and operate in as many as nine production sectors. The high technical skills required, together with the strong presence of the tradition of know-how and the excellence of ‘Made in Italy’, highlight the sectors of Fashion (32%), Mechanics (28%), Agrifood (27%) and Automotive (25%). This is followed by the Home System and Manufacturing sectors, which maintain a density of around 20%, while the Construction sector shows a relatively lower participation compared to the previously mentioned sectors (13%).

Finally, the Technology (3%) and Wholesale (1%) sectors, although present to a limited extent, suggest that they are moving towards an exploratory phase of the potential offered by art and cultural projects.

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What is the impact of investments in culture on business productivity?

The data, measured over a long period to sterilise the impact of market economic cycles, told us that harnessing creative levers to act on employees’ skills and well-being undoubtedly influences productivity, which increases at an average annual rate (CAGR) of 1.4 times more in companies investing in Art and Culture compared to peer companies.

The higher productivity development, moreover, in companies with such projects is accompanied by higher wage growth, indirectly demonstrating a positive impact on the competencies of company resources and the attraction of talent and, consequently, on their economic recognition.

These dynamics trigger further important implications for the people working in the company, such as salary growth and the opportunity to work in creative and stimulating contexts. All indications of greater employee well-being. This leads us to remember that a positive corporate climate always promotes lasting and sustainable growth.

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