Even though people are cutting back on personal luxuries and extra expenses during the recession, few women are willing to part with their beauty regimen.
According to a recent market forecast by Mintel, a market research agency, women are actually spending more on cosmetics and over-the-counter anti aging treatments during these tough economic times.
Cosmetic sales increased significantly these past few years as the economy tumbled; Mintel predicts a10% increase in the next five years, and Mintel says this is largely because women have an emotional tie to their appearance so ‘feel good luxuries’ such as makeup, beauty and skincare products are a necessity when things become stressful.
Anti-aging products, sun care products and skincare treatments are turning into ‘non-negotiable’ purchases during the recession, and the trend is on the rise.Mintel forecasts a 20% growth in anti-aging skincare product sales over the next five years, and a 36% growth in demand for sun care products over the same period.While these statistics are slightly lower than forecasted a few years ago, demand for these items will still remain strong despite the economic upheaval.
In addition to makeup and skincare, cosmetic surgeons in the United States and in Europe are experiencing a significant increase in demand for Botox, Restylaneand other non-surgical procedures. Since most people aren’t prepared to spend thousands of dollars for facelift surgery, they are finding other ways to improve their looks.More affordably-priced procedures such as Botox (average $400 per injection), and Velashape or Velasmooth($300 per treatment) can help get rid of wrinkles and reduce the appearance of cellulite.These procedures are readily available at medical spas and aesthetic surgery centers around the country, and some clinics are extending a discount for clients who purchase a package or series of treatments.