In today’s uncertain economic climate, a growing number of Americans, including millionaires, find themselves lacking confidence in their financial stability. Irrespective of the size of their bank accounts, the feeling of financial security has become elusive. Households across the spectrum are grappling with mounting child-care expenses, escalating auto loans, soaring mortgage rates, and historically high rents, all against the backdrop of fears of a recession. In such challenging times, one might expect consumers to cut back on nonessential spending, including aesthetic treatments. However, the latest statistics from the “2023 State of Aesthetics” survey indicate a surprising trend: despite financial concerns, most respondents remain committed to their aesthetic routines.
Expectation of Rising Prices
While the majority are committed to maintaining their spending, 49.1% of respondents expect prices of aesthetic treatments to increase in the next 12 months. This perception reflects the high demand for these services, despite potential financial hurdles. Louisville, KY plastic surgeon Chet Mays, MD notes, “The aesthetic market is booming despite economic uncertainty and high-interest rates. It shows the importance of self-care and how much people want to invest in themselves.” This anticipation of rising prices may be driving individuals to lock in their treatments now, further fueling the industry’s growth.
“Our experience in Houston is similar in that we have increased our prices slightly to accommodate our increase in wages and supplies of our office,” says Houston plastic surgeon Henry Mentz, MD. “Our patient flow has remained strong despite economic stress. This shows that patients highly value their appearance and lifestyle and put themselves first above other expense choices.”
Prioritizing Self-Improvement
When asked about reducing overall spending, only 24.7% of respondents were willing to cut back on aesthetic treatments or procedures. This figure contrasts sharply with other discretionary expenses such as nail care, clothing, and spa and massage costs, which topped the list of areas to cut back on. Skin care, on the other hand, ranked low, with a mere 6% of participants willing to reduce spending in this category. This data underscores the power of aesthetic products and treatments as a means of self-improvement and self-care.
“I believe that self-care is an important psychological and emotional component in dealing with the stresses of present-day life, so these statistics make sense. I don’t see people cutting back drastically unless economic conditions become severe,” adds San Diego plastic surgeon Larry H. Pollack, MD.
Wayne, NJ facial plastic surgeon Jeffrey B. Wise, MD attests to this phenomenon, saying, “We have not experienced a decline in patient participation and spending in our practice. Anecdotally, people tend to prioritize self-improvement during uncertain times over other areas of discretionary spending.” This prioritization of self-improvement suggests that consumers view aesthetic treatments as investments in their well-being and confidence.
Wellness Essentials
They also reveal that engaged consumers are unwavering in their commitment to aesthetic treatments. These treatments have evolved from being occasional luxuries to essential components of self-improvement. The message from experts is clear: investing in oneself is a priority even during tough times.
“It comes as no surprise to learn of market data highlighting people’s hesitation to cut back spending on aesthetic treatments,” says Austin, TX facial plastic surgeon Yula A. Indeyeva, MD. “Individual’s appearance directly correlates with confidence and self-esteem, which in turn affect productivity, relationships, and quality of life.”
Delray Beach, FL facial plastic surgeon Miguel Mascaro, MD shares that aesthetic treatments have seamlessly integrated into our routine grooming practices, reflecting a broader societal acceptance of cosmetic enhancements. Dr. Mascaro notes, “In today’s world, many consumers perceive aesthetic treatments in the same light as getting a haircut, a manicure, or even purchasing makeup. With the growing acceptance, the once-existing stigma has faded away, and there’s no longer a need to conceal these choices behind closed doors.” He emphasizes, “Even during challenging times, people consistently allocate a portion of their resources to pamper themselves, recognizing that when you look good, you feel good.”
