Is the cost of living crisis impacting the Medical Aesthetics market?
The cost of living crisis continues to impact people across the UK. With uncertainty around the UK’s economy, continued rising costs of energy bills and general inflation, consumers may start to tighten their purse strings on spending outside of standard bills.
But what does this mean for the Medical Aesthetics industry and how will it impact the demand in the market?
78% of those considering treatment in the next 12 months believe it will have a high impact.
Source: Rare: Group Adults 16+ in the UK (N=3,519) Data collected 16th September - 1st November 2022. Q10 - How is, if at all, the cost of living crisis impacting you? Those who are considering any medical aesthetic treatment in the next 12 months (N=710).
Research conducted using our Medical Aesthetic Tracker found that the majority (78%) of consumers considering treatment in the next 12 months believe the cost of living crisis will have a high impact on them overall in their day to day life, with only 11% saying this will have a low impact for them. However, we are yet to know what consumers are going to do as a result of this, particularly as the new year and cost of living crisis plays out.
Understanding the impact on different treatment types
When looking at how the cost of living crisis will impact treatments, we can see that it starts to slightly vary by type, with 80% considering Dermal Fillers or Botulinum Toxin in the next 12 months believing this will have an impact on them.
Source: Rare: Group Adults 16+ in the UK (N=3,519) Data collected 16th September - 1st November 2022. Q10 - How is, if at all, the cost of living crisis impacting you? Those who are considering medical aesthetic treatment in the next 12 months. Dermal fillers (N=223), botulinum toxin (N=285), medicated weight management (N=182).
In order to ease the pressure for consumers, being able to offer suitable financing options that can make people feel more comfortable about seeking treatment and allows them to manage their finances appropriately is key.
The effect of the cost of living crisis on healthcare professionals
As with consumers, healthcare professionals are also feeling the effects of the crisis, especially with a decrease in spending from consumers and an increase in outgoings to run their clinic, e.g. utility bills. In fact, Aesthetics Medicine reported that “over 93% of the salon owners spoken to by BABTAC have reported a considerable increase in their bills over the past year”.
It’s inevitable that with the increases in utility bills, clinicians will have to reflect this in their prices, which could potentially discourage consumers from getting treatment.
Although the cost of living crisis seems to be painting an uncertain outlook for the Medical Aesthetics industry, there is still a huge amount of optimism and opportunity available in the market. Our research shows there are currently 13.9 million people in the UK considering treatment in the next 12 months (read more here).
Building trust with patients through open conversation around payment plans, pricing and the length of treatment will ensure that people are informed enough about the process and can ultimately make informed decisions that allows them to still enjoy aesthetic treatments.
If you’d like to speak to a member of our team about our services, contact us at hello@rare.consulting
