The cost of living crisis continues to impact people across the UK. With uncertainty around the UK’s economy, continued rising costs of energy bills and general inflation, consumers may start to tighten their purse strings on spending outside of standard bills. But what does this mean for the Medical Aesthetics industry and how will it impact the demand in the market?
78% of UK consumers considering a medical aesthetic treatment in the next 12 months believe the cost-of-living crisis will have a high impact on them. 11% expect a low impact. The remaining respondents sit somewhere in between. Whether and how that perceived impact converts into changed treatment behaviour is the question facing the category in 2023.
How the impact varies by treatment
The headline 78% masks variation by treatment type. Among those considering dermal fillers or botulinum toxin in the next 12 months, the figure rises to 80%. Medicated weight management sits lower, suggesting consumers see weight management as a health expense rather than a discretionary one.
Source: Rare., Adults 16+ in the UK (N=3,519). Data collected 16 September - 1 November 2022. Q10: How is, if at all, the cost of living crisis impacting you? Those considering medical aesthetic treatment in the next 12 months: dermal fillers (N=223), botulinum toxin (N=285), medicated weight management (N=182).
What this changes commercially
The clinics that capture demand through the cost-of-living period are the ones that take cost off the front of the conversation. That means published prices, transparent payment plans, and clear treatment journeys with no surprise add-ons. It does not mean discounting. The patient base for medical aesthetics has not become price-sensitive; it has become value-sensitive. The distinction is important.
On the supply side, clinicians are absorbing their own cost increases. The British Association of Beauty Therapy and Cosmetology reports that over 93% of salon owners surveyed have seen a substantial rise in utility bills over the past year. That cost will pass through to treatment prices, which then squeezes the patient further. Clinics that can hold price by improving operational efficiency rather than by raising treatment fees have a structural advantage.
The market is still large
The pessimism in the demand-side data is real, but the market is also large. Rare. research finds 13.9 million people in the UK are considering a medical aesthetic treatment in the next 12 months. The challenge for clinics is converting cautious intent into booked appointments. Open conversations about pricing, payment options, and treatment length will do more for that conversion than discounting will.
The cost-of-living crisis will reshape the sales conversation in medical aesthetics, but it will not collapse the category. Clinics that lead with transparency on price and payment will hold demand. Clinics that lead with discounting will train their patient base to wait for the next discount.
