As the Dow plunges to record-low levels and consumers continue to struggle in the economic downturn, cosmetic surgery procedures are no longer a priority investment.
Cosmetic surgeons across the country are noticing a significant drop in demand for once-popular procedures including liposuction, breast augmentation and even BOTOX. It's the season for penny pinching and prioritizing personal finances; for the average consumer, plastic and cosmetic surgery isn't easy to justify with the economy in a flux.
The Associated Press recently reported on the state of the cosmetic surgery industry; the American Society for Aesthetic Plastic Surgery (ASAPS) polled over 700 doctors in April and May 2008 and results of the survey indicate that 53 percent claim that business is down this year by as much as 30 percent.
Getting clients in the door for thousand-dollar-plus procedures is becoming increasingly difficult, according to Dr. Edward Lack, a cosmetic surgeon in Chicago. "There's no question that cosmetic surgeons around the country are feeling the pinch...We're doing less invasive things and things that are less expensive."
Many doctors who want to stimulate business are shifting gears, promoting less-costly procedures such as non-invasive body contouring, lip augmentation and non-invasive facial rejuvenation. But is this enough to boost business back to a healthy level?
Some consumers are tapping into cosmetic surgery financing to support their investment; companies such as CareCredit offer attractive interest-free payment plans and extended payment options for very low fees, encouraging more consumers to simply 'charge it' and get through this rough economic patch.