When we think of the current recession, our minds are rightly on the subjects of companies going under, the credit crunch, the housing crisis and how to dig ourselves out of it all.
But another industry that’s experiencing trouble is the cosmetic and aesthetic industry. Even if cosmetic surgery is not important to anyone reading this, it is to many women in this country! In fact, Americans spent more than 13 billion dollars in 2007 on cosmetic procedures (source: American Society for Aesthetic and Plastic Surgery) and even though men are catching up, women are still the lead consumers of these services.
Allergan, the company that makes Botox, skin fillers, and other cosmetic services, says that sales are down 3 to nearly 9% for Botox and fillers respectively, and sales of breast implants are down 12%.
A survey of 103 dermatologists and cosmetic surgeons reported a decrease in Botox procedures by 20% and fillers by 13%
Doctor’s offices and clinics specializing in cosmetic procedures are now offering coupons, two-for-one specials and other rebates to encourage women to continue use of cosmetic services. Salons have also seen a decrease in clientele and are selling services and products at cheaper prices.
But the main worry in all this is the layoffs. Allergan just announced the layoff of 460 employees, mostly in the sales and marketing sector.
And salons are seeing layoffs too, and a cut in hours. Most of the victims of layoffs in this predominately female industry are also female.
Tell Us
Have you cut down on cosmetic or beauty treatments? Have you seen your job or hours cut, as a result of the economy?