Study shows generational shift in spending for aesthetic procedures: younger generations are spending more

In our medspa, the bulk of our body contouring business has consistently come from women in their forties up to about their late-fifties.  They see changes in their bodies they don’t like and have disposable income to address those changes.  In our experience, younger women want the treatments but often lack the financial ability to commit to them.  But according to one recent study, this might be changing.  The study found that the younger generations (Millennials and Gen Z) are spending more, revealing a generational shift in spending for aesthetic procedures.

 

The study design

SkinSpirit Medical Spa, a franchise with multiple locations across the US, conducted a study of 300 participants nationwide.

• The participants were all women ranging in age from 18 to 60.
• But…90% of the participants were younger, with an age range of 25 to 44

 

They were asked a series of questions centering around whether they’ve had non-invasive aesthetic procedures and if their attitude about these procedures had changed as a result.  The study included body contouring treatments in addition to all other types of non-invasive aesthetic treatments.

 

 

The study findings

Not surprising findings

Not coming as a surprise or a change, the study found the following

• 71% of the women reported that they have either already had non-invasive aesthetic procedures or would consider having a procedure.
• 56% of the women already rely on non-invasive aesthetic procedures on a regular basis.

 

Surprising findings

• Though the findings listed above were not necessarily surprising in and of themselves, what is significant is that 90% of the women participating in the survey were younger, aged 25-44.
•  Meaning…the majority (90%) of the women answering the questions were Millennials and/or Gen Z.
• Revealing a generational shift in spending on aesthetic procedures.

 

Most aesthetic professionals and businesses are like us and target and cater to an older market.

Do the findings in this study tell us that we should target and cater to secondary markets, i.e. younger consumers?

 

First…a Review of the ‘Generations’

 

The older generations

The older generations have been consumers of non-invasive body contouring since the first treatments became available.  And as we said earlier, these two generations provide our medical spa with most of its business still today.

 

Who falls within these generations?

 

Baby Boomers

• Born between 1946 and 1964
• Age 58-76 today

 

Gen X

• Born between 1965 and 1984
• Age 38-57 today

 

The younger generations

These groups are both the new and the future non-invasive aesthetic consumers.  And according to the study, they are willing to (and do) spend for these procedures even though they have less disposable income than their older counterparts.

 

Who falls within these generations?

 

Millennials

• Born between 1981 and 1996 (the exact cutoff is debated and varies)
• Age 26-41 today

 

Gen Z

• Born 1997 and upward
• Age 26 and younger today

 

Speak differently to different generations but stay true to your business brand

Every generation has its own interests, values and purchasing preferences.  While you may use different mediums or convey slightly different messages, while doing so you must stay true to your business brand.  Sounds hard?  It’s easy when you have a strong business brand.

 

Learn more about building a strong body contouring business brand and using it to attract clients  

 

 

What are the reasons for seeing this generational shift in spending for aesthetic procedures?

 

1 The study’s sponsor, SkinSpirit, says it’s simply due to a “cultural shift that emphasizes convenience.”  A third of the women in this age group want to wake up “looking like this,” the so-called Beyonce effect.  They love that many services such as Botox and Laser Hair Removal shave time off of their beauty routines.

 

2 The study disproved the belief that aesthetic treatments are primarily consumed by the affluent or the big earners.  27% of the study participants listed their annual household income as between $25,000 and $50,000.

 

3 The findings revealed a change in attitude toward aesthetic treatments.  What may have been considered a luxury by past generations, is now considered just an addition to a woman’s beauty routine.  More of a necessity than a luxury.

   

Want to learn more about how to build and grow a successful body contouring business?

Visit us at www.bodycontouringacademy.com.