Table of contents
 - featured image
By Sarah Megginson

Aussies forking out $1.6 billion a month on self care – new data reveals

How much are you spending on your self-care routines?

Well, according to the latest research from Finder, Aussies are spending a small fortune on their physical appearance despite the cost of living crunch.

In fact, the survey of 1,073 respondents revealed that 2 in 5 (41%) – equivalent to 8.3 million people – indulge in self-care treatments every month.

The average Australian spends $431 on beauty services a month – which equates to $1.6 billion dollars a month and a staggering $19.7 billion a year.

How much do you usually spend per month on the following personal care treatments/procedures?
Individual average National average
Botox/Filler/Plastic surgery $131 $372 million
Hair appointments $75 $517 million
Eyelash extensions $39 $134 million
Nail appointments $39 $158 million
Skin treatments/facials $37 $113 million
Teeth whitening $34 $103 million
Laser hair removal $31 $101 million
Eyebrow microblading or lamination $20 $61 million
Waxing $20 $65 million
Fake tanning $5 $15 million
Total $431  $1.6 billion
Source: Finder survey of 1,073 respondents, August 2023

Women are more saddled with the cost of beauty than men

Data from the survey shows that 3 in 5 women (57%) spend on these treatments compared to just a quarter of men (26%).

The research found that 34% of us have a monthly hair appointment – 46% of women and 22% of men – costing us $75 on average.

In the past 12 months, have you done the following personal care treatments/procedures?
Women Men Total
Hair appointments 46% 22% 34%
Nail appointments 32% 10% 20%
Anti-ageing injections (e.g. Botox) 23% 11% 17%
Eyelash extensions 24% 9% 17%
Waxing 24% 10% 16%
Laser hair removal 22% 9% 16%
Teeth whitening 20% 11% 15%
Skin treatments/facials 22% 10% 15%
Eyebrow microblading or lamination 22% 10% 15%
Fake tanning 20% 9% 15%
I have not done any of these personal care treatments/procedures 43% 74% 59%
Source: Finder survey of 1,073 respondents, August 2023

Overall 1 in 5 (20%) are attending nail appointments, including 1 in 3 women (32%), for $39 a pop.

Meanwhile, botox is the most expensive appointment costing $131 a month on average ($372 million nationally).

Eyelash extensions ($39), facials ($37), teeth whitening ($34) and laser hair removal ($31) followed.

Should we invest in other things instead?

Finder analysis shows that if that $431 a month we spend on self-care were to be invested monthly into a high-interest saving account earning 5.65% – it would grow to a staggering $30,373 in 5 years.

That’s $4,082 in interest.

This means that we should invest in ourselves and our self-care, but it’s important to be clear about what it’s costing you – now and in the future.

It’s all about balance – there are ways to take care of yourself without breaking your bank account.

How to build your savings fund:

1. Work out how much money you need to save.

Goals are easier to achieve if they're specific, so work out a figure and write it somewhere you'll see often to keep you on track.

Try to aim for at least 3 months' worth of living expenses saved.

2. Analyse your current expenses

Take a look at your transactions for the last few months and what you're spending on living expenses versus everything else.

From here, you should be able to find opportunities to cut back on your spending and work out how much you can realistically save each month.

3. Pick an account for your emergency savings fund.

Even if you've already got a savings account, it's a good idea to open a separate savings account dedicated to emergencies.

Keeping the money in a different account will help prevent you from dipping into it for things that aren't urgent.

4. Monitor your progress.

After a month, take a look at your progress and see if you can increase your monthly goal or if you need to relax your target a bit.

About Sarah Megginson Sarah Megginson is senior editor of home loans for Finder. She was previously managing editor of Australian Broker magazine, Your Investment Property magazine, and online home loan comparison site, Your Mortgage. Sarah has worked as a finance and property journalist for more than 15 years.
No comments


Copyright © 2024 Michael Yardney’s Property Investment Update Important Information
Content Marketing by GridConcepts