Is My Aesthetics Business Recession-Proof?
The aesthetics industry is often described as recession-resistant rather than completely “recession-proof.” This distinction is significant because, while the aesthetics industry tends to weather economic downturns better than others, it is not fully immune to broader economic and financial impacts. However, past economic data and consumer behavior trends suggest a strong pattern of resilience—especially for injectables and other non-invasive treatments.
Why is Aesthetics Recession-Resistant?
Amid Economic Uncertainty, Self-Care Prevails
In the wake of the COVID-19 pandemic, the economy faced surging inflation, prompting consumers to tighten their wallets and prioritize necessity-driven purchases. Yet, the enduring “Lipstick Effect,” a term coined by Estée Lauder, defied conventional expectations. Even as fears of recession loomed, beauty product sales flourished—a testament to the resilience of self-care spending.
This is further supported by a Forbes article referencing an academic study at TCU:
“Recession cues increased women’s desire for products that could make them more attractive to mates, despite the significantly greater expense of such products.” 1
– Forbes Magazine
From Luxury to Lifestyle
Against this backdrop, the aesthetics industry has experienced unprecedented growth and innovation, showing no signs of slowing down. A 2022 market report revealed that 81% of consumers are increasingly open to non-invasive procedures, signaling a shift in perception—treatments like neurotoxins and dermal fillers are now seen as routine maintenance rather than luxury splurges.2
This perspective is backed by historical performance. During the 2008 recession, the aesthetics injectables market lost only 2.4% of its sales, while the S&P 500 contracted by 50%. Neurotoxin procedures slowed slightly in 2009 (by ~4%) but rebounded strongly the following year. Similarly, Hyaluronic Acid (HA) filler volume grew 9% in 2009 alone, showing consistent consumer demand despite macroeconomic pressures.3
“The COVID-19 pandemic underscored the resilience of the aesthetics injectables market, which had already been evident in a previous crisis: during the 2008 recession it lost only 2.4 percent of its sales and less than 20 percent of its market capitalization while the S&P 500 Index contracted by 50 percent.” 3
– McKinsey & Company
Diversity Among Consumer Segments in Aesthetics Practices
As consumer acceptance of medical aesthetic treatments continues to rise, the industry has broadened its appeal across age, gender, and income brackets, drawing in a diverse clientele. Notably, higher-income individuals, often less affected by economic volatility, remain a key driver of demand. This demographic’s discretionary spending power, coupled with a growing perception of aesthetic procedures as essential self-care rather than luxury, has helped fortify the sector’s resilience in the face of economic fluctuations.
At the same time, lower-cost treatment options such as injectables are playing a crucial role in democratizing access to aesthetic services. These minimally invasive procedures—often viewed as small investments in confidence and self-care—are increasingly popular among mid- to lower-income consumers seeking affordable ways to enhance their appearance.
“For the average American, injectables were a more affordable aesthetic intervention than surgical procedures.”4
– Aesthetic Surgery Journal
“Fewer than 20 percent of respondents across all three categories intended to abandon their current products or treatment plans entirely.” 5
– McKinsey & Company
On average, injectables account for approximately 40% of total revenue at medical aesthetics practices, underscoring their widespread appeal and positioning them as a bridge between luxury and accessibility in this fast-growing market.3
Recession Challenges and Impact on Consumer Behavior
Adapting to Economic Pressures: Adjusting Habits without Sacrificing Self-Care
While the aesthetics industry has proven resilient to economic uncertainty, certain consumer segments may still adjust their spending habits during downturns. For some, the high cost of treatments like cosmetic surgery or advanced laser therapies may prompt them to scale back or delay appointments in favor of more immediate financial concerns. Even within the middle to lower-income brackets, where procedures like injectables have gained traction as essential self-care rather than indulgent luxuries, consumers may choose to spread out their treatments or reduce the frequency of visits.
Nevertheless, the demand for more affordable aesthetic services continues, with consumers finding ways to prioritize these self-care rituals in their budgets, even during times of financial strain.
Financing Challenges: How Tighter Credit Impacts Access to High-Dollar Aesthetic Procedures
When the economy faces a downturn, one of the key challenges businesses and consumers face is tighter credit. This means that lenders—such as banks or other providers of credit—may become more cautious about approving loans or credit lines. For consumers, this can have a direct impact on their ability to finance larger, more expensive procedures, like cosmetic surgery or other high-cost treatments. Without access to financing options, patients may be less likely to go ahead with these elective treatments, especially if they cannot pay for them upfront.
How Aesthetic Businesses Can Prepare for an Economic Downturn
Leveraging Memberships and Long-Lasting Treatments to Thrive in a Recession
When facing a threat of recession, there are many strategies aesthetic practices can adopt that prioritize client retention and sustainable revenue streams. One effective approach is to offer memberships, packages, and loyalty programs, which not only encourage repeat visits but also create a sense of value for patients looking to maintain their self-care routines without the financial burden of frequent full-price treatments. These programs help stabilize cash flow by locking in long-term commitments while making services more accessible.
Beyond offering memberships and packages, aesthetic practices can strengthen client retention by enhancing personalized engagement. Tailored communication, such as personalized phone calls, emails from the founder, or handwritten notes, helps create a deeper emotional connection with patients. In times when clients may be more price-sensitive, these personal touches can foster loyalty and differentiate a practice from lower-cost competitors. By consistently checking in, offering custom recommendations, and acknowledging milestones, practices can ensure clients feel valued, making them less likely to switch to bargain options and reinforcing the long-term relationship built on trust and exceptional service.
While the aesthetics industry is not entirely recession-proof, its resilience in the face of economic challenges is evident. Consumer demand for self-care and wellness remains steadfast, with many viewing aesthetic treatments as essential rather than indulgent. This perception, coupled with the rise of more affordable and non-invasive options like injectables, allows the industry to reach a broader demographic, even during economic uncertainty.
By focusing on client retention strategies such as memberships, loyalty programs, and offering services with lasting effects, aesthetic businesses can safeguard their revenue streams and continue to thrive. Though challenges like tighter credit and changing consumer habits may create obstacles, the industry’s ability to adapt to shifting economic pressures will be key to its ongoing success.
Footnotes:
1 Pam Danziger, “With Inflation Rising, the Lipstick Effect Kicks In and Lipstick Sales Rise,” Forbes, June 1, 2022.
2 Trisha Deb, “Non-Invasive Aesthetic Treatments Market News 2024,” Market.us, updated November 25, 2024,
3 McKinsey & Company, “From Extreme to Mainstream: The Future of Aesthetics Injectables,” McKinsey & Company, accessed May 1, 2025.
4 Caroline C. Bay, BA, Peter J. Wirth, MD, Ellen C. Shaffrey, MD, Sarah M. Thornton, BA, and Venkat K. Rao, MD, MBA, “16-Year Analysis of Aesthetic Surgery Volume and Its Association with Economic Performance Indicators,” Aesthetic Surgery Journal Open Forum, published January 1, 2024.
5 Leigh Jansen, Olivier Leclerc, and Nils Peters, “Here to Stay: An Attractive Future for Medical Aesthetics,” McKinsey & Company, February 1, 2024.
