EXCLUSIVE
Times may be tough but the cost of living crisis isn’t stopping Aussies from spending big on their looks.
A new survey has revealed that 41 per cent of us – or 8.3 million Aussies – splash out a whopping $19.7 billion a year on our appearances.
This breaks down to a total monthly spend of $1.6 billion, which equates to an average spend of $431 per person each month, Finder’s Consumer Sentiment Tracker revealed.
“That’s a staggering $19.7 billion a year as treatments like botox and teeth whitening become increasingly prevalent,” Finder money expert Alison Banney told news.com.au.
Botox or fillers are the most expensive preening treatment we indulge in, with 17 per cent of Aussies spending an average of $131 each, or $372 million in total, on these anti-ageing fixes a month.
When it comes to what we spend our money on beyond injectibles, the research found that 34 per cent of Aussies have a monthly hair appointment costing them an average of $75 a month, while 20 per cent attend monthly nail appointments at $39 a pop.
Eyelash extensions, facials and skin treatments, teeth whitening, laser hair removal, eyebrow microblading or lamination, waxing and fake tanning are among our other indulgences.
The figures, which Finder said are costing a “small fortune” called Ms Banney to question whether beauty spending has gone too far.
“Anti-ageing treatments have become the new avocado on toast as Aussies spend a sizeable chunk of their income on their physical appearance,” she said.
“These expenses definitely fall under the discretionary category and could be getting in the way of financial goals.”
According to Finder’s analysis if Aussies instead deposited $431 each month into a high-interest saving account it would grow to a staggering $30,373 in five years having earned $4,082 in interest.
“So long as you have enough cash flow to afford your non-negotiable expenses then there’s no harm,” she said.
“But is the benefit you will get from these procedures worth the outlay and what else could you do with that money?
And it’s not just women that are indulging their vanity.
While the research shows that 57 per cent of women spend money on self-care every month, so, too, do 26 per cent of men.
Beyond hair appointments, 11 per cent of men get anti-aging injections and teeth whitening, while 10 per cent of men have a monthly nail appointment, waxing, skin treatments or eyebrow treatments.
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Finder personal finance expert Taylor Blackburn told news.com.au that the vanity spending was a reflection of the “incredible pressure” on people to remain young-looking, with social media a key driver behind the trend.
But it’s not just confined to older people - in fact, 48 per cent of Gen Zs and 41 per cent of Gen Ys have a monthly beauty treatment of some kind, compared to just 29 per cent of Gen Xers.
“Younger and younger people are getting botox and other treatments to stave off old age,” he added, with the same percentage of Gen Zs and Xers getting injectables.
