Discover the $1.6 billion monthly habit Aussies can't quit—even in the face of a cost of living crisis!
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As the cost of living in Australia continues to rise, many are looking for ways to cut back on spending and make their money stretch further.
However, according to a recent study, there's one expense many have refused to give up…
We all want to look and feel our best, and while such treatments can often be pricey, 41 per cent of Aussies are still investing in personal care—with an average spending of $431 a month on beauty services.
According to recent data from a Finder study, collectively, Aussies are spending up to a whopping $1.6 billion monthly and $19.7 billion annually on cosmetic and beauty treatments, respectively.
Finder Money Expert Sarah Megginson said: 'Despite rising costs, people are spending a big portion of their incomes on personal care.'
'You'd think the number of these optional beauty routines like manicures, eyelash extensions and facials might have taken a hit, but many are reluctant to give them up.'
While Megginson says self-care is important, Aussies are encouraged to start thinking about the present and future costs of maintaining this habit as many seem to prioritise beauty treatments in their monthly budgets.
'It's all about balance—there are ways to take care of yourself without breaking your bank account,' Megginson emphasised.
Majority—57 per cent—of the 1,073 Aussies involved in the study investing in beauty treatments were women, while 26 per cent were male.
The study revealed that 34 per cent of all the respondents (and 46 per cent of all the female participants) have kept their hair appointments over the last year despite the pressures of the current cost of living crisis. On average, hair appointments reportedly cost $75 individually and $517 million in total nationwide.
Nail appointments were also popular, with 32 per cent of women having them at an average price of $39 per month.
Moreover, eyelash extensions and waxing had the same popularity among women, with 24 per cent saying they have had this type of service done in the past year.
However, the difference in the average cost of these two services were evident, as waxing cost $20 a month while eyelash extensions cost the average Australian $39 a month.
Additionally, laser hair removal was also popular among 22 per cent of women and 16 per cent among all respondents. The service cost around $31 monthly for both men and women.
Skin treatments and facial, eyebrow microblading, fake tanning, and teeth whitening services were found to have been availed by 15 per cent of Aussies in the past year.
Lastly, the most expensive type of service is plastic surgery services such as Botox, fillers, and more. This service is costing Australians around $131 each month.
Twenty-three per cent of women in the study have used Botox, compared to only 11 per cent of men.
Sarah Megginson also talked about the effect of social media on women’s perception of beauty.
'Social media has set unrealistic beauty standards—it's a major confidence killer, and now it's not just hurting their self-esteem, it's hurting their budgets too,' she said.
'We're seeing people spending well above their means to achieve and maintain their beauty rituals,' she added.
So, members, what are your thoughts on such a spending trend in today’s financially challenging climate? Is setting money aside for beauty treatments or the occasional pampering session a bad thing per se? Tell us in the comments below!
However, according to a recent study, there's one expense many have refused to give up…
We all want to look and feel our best, and while such treatments can often be pricey, 41 per cent of Aussies are still investing in personal care—with an average spending of $431 a month on beauty services.
According to recent data from a Finder study, collectively, Aussies are spending up to a whopping $1.6 billion monthly and $19.7 billion annually on cosmetic and beauty treatments, respectively.
Cosmetic and beauty treatments expenses in Australia add up to $1.6 billion in just a month. Image source: Freepik.
Finder Money Expert Sarah Megginson said: 'Despite rising costs, people are spending a big portion of their incomes on personal care.'
'You'd think the number of these optional beauty routines like manicures, eyelash extensions and facials might have taken a hit, but many are reluctant to give them up.'
While Megginson says self-care is important, Aussies are encouraged to start thinking about the present and future costs of maintaining this habit as many seem to prioritise beauty treatments in their monthly budgets.
'It's all about balance—there are ways to take care of yourself without breaking your bank account,' Megginson emphasised.
Majority—57 per cent—of the 1,073 Aussies involved in the study investing in beauty treatments were women, while 26 per cent were male.
The study revealed that 34 per cent of all the respondents (and 46 per cent of all the female participants) have kept their hair appointments over the last year despite the pressures of the current cost of living crisis. On average, hair appointments reportedly cost $75 individually and $517 million in total nationwide.
Nail appointments were also popular, with 32 per cent of women having them at an average price of $39 per month.
Moreover, eyelash extensions and waxing had the same popularity among women, with 24 per cent saying they have had this type of service done in the past year.
However, the difference in the average cost of these two services were evident, as waxing cost $20 a month while eyelash extensions cost the average Australian $39 a month.
Additionally, laser hair removal was also popular among 22 per cent of women and 16 per cent among all respondents. The service cost around $31 monthly for both men and women.
Skin treatments and facial, eyebrow microblading, fake tanning, and teeth whitening services were found to have been availed by 15 per cent of Aussies in the past year.
Lastly, the most expensive type of service is plastic surgery services such as Botox, fillers, and more. This service is costing Australians around $131 each month.
Twenty-three per cent of women in the study have used Botox, compared to only 11 per cent of men.
Sarah Megginson also talked about the effect of social media on women’s perception of beauty.
'Social media has set unrealistic beauty standards—it's a major confidence killer, and now it's not just hurting their self-esteem, it's hurting their budgets too,' she said.
'We're seeing people spending well above their means to achieve and maintain their beauty rituals,' she added.
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you would have to be so vain or have too much money
