That a lot of importance is attached to physical appearance is revealed by fact that Americans are spending heavily on cosmetic procedures. The annual reports of the American Society for Aesthetic Plastic Surgery reveal that the amount spent on these treatments has increased over the years. In addition to baby boomers (those born between 1946 and 1964) and adults between the ages of 31 and 45, even teenagers are going under the knife to achieve their cosmetic goals.
The Financial Landscape of Cosmetic Surgery
The American Society for Aesthetic Plastic Surgery (ASAPS) reports that Americans spent a hefty sum on cosmetic procedures in 2013. Interestingly, it was the largest amount spent on cosmetic surgery since the great recession of 2008.
According to ASAPS, Americans spent more than $10 billion on cosmetic procedures in 2009, which was just 2% down from 2008. ASAPS figures show that the amount spent on cosmetic procedures in 2010 was nearly $10.7 billion. In 2011, the total expenditure on aesthetic procedures was nearly $10 billion. The slight decrease in the expense may be due to the fact that about 85 percent were non-surgical procedures which cost less than surgery. In 2012, the amount spent on cosmetic treatments was higher and stood at $11 billion.
According to the latest report containing comprehensive 17th annual multi-specialty statistical data, there was a 12% overall increase in cosmetic procedures performed in the country in 2012-2013. More than 12 billion dollars were spent on cosmetic surgical and nonsurgical procedures for the first time since 2008 with over 11 million cosmetic treatments performed in United States in 2013. More than 5 billion were spent on the non-surgical procedures according to the report and more than 7 billion was spent on surgical procedures during the year.
The top surgical procedures performed in the US in 2013
- Liposuction (363,912 procedures, up 16.3%)
- Breast augmentation (313,327 procedures, down 5.2%)
- Eyelid surgery (161,389 procedures, up 5.4%)
- Tummy tuck (160,077 procedures, up 2.3%)
The top five non-surgical procedures performed in the US in 2013
- Botulinum Toxin (3,766,148 procedures, up 15.6%)
- Hyaluronic Acid (1,872,172 procedures, up 31.5%)
- Hair Removal (901,571 procedures, up 2%)
- Microdermabrasion (479,865 procedures, down 3.8%)
- Photo Rejuvenation (456,613 procedures, up 35.3%)
More than 2.5 billion dollars was spent in 2013 on injectables only. With spending at nearly 1.9 billion, skin rejuvenation is a fast-growing sector of the aesthetic non-surgical industry.
The report suggested that Americans are once again investing in their appearance and that, given economical conditions and the competitiveness of the job market, the numbers for anti-aging procedures are expected to continue to rise. Technological advances, less-invasive procedures and greater accessibility are other factors contributing to the rise in demand for cosmetic procedures.