Professional Skin Care Spending in the Face of a Looming Recession

Professional Skin Care Spending in the Face of a Recession

With fears of a recession and inflation at a high, dispensing physicians are becoming more thoughtful with their orders on professional skin care stock. The U.S. physician-dispensed skin care channel registered record-high sales growth of 26% last year, according to our Professional Skin Care Global Series report. However, most professional skin care marketers are expecting growth in 2022 to be about one-half of the growth last year. 

Despite a slowdown in sales growth in 2022 and uncertainty of how consumers will approach professional skin care heading into next year, results from The Professional Skin Care Consumer: Attitudes and Behaviors Survey signal recession proof characteristics in 2023. In fact, when asked about their future plans relating to spending on professional skin care and non-invasive aesthetic procedures, consumers said the following:  

  • 97% have continued to use the same number of skin care products in their at-home regimens or even increase the number of products that they use daily over the last six months. 
  • 42% are planning to spend the same amount on skin care products in 2023, while 54% are planning to spend more. 
  • 66% have not cancelled or delayed any of their non-invasive aesthetic treatments due to inflation or the economic climate. 
  • 88% are still looking forward to having their non-invasive aesthetic procedures and think that they will have the same number of procedures in 2023 as in 2022 or even book a few more procedures. 

As marketers continue to seek ways to grow through understanding consumer needs, it is important for them to take stock of today’s climate. This month, we will publish our The Professional Skin Care Consumer: Attitudes and Behaviors Survey, conducted among 500 U.S. consumers who have had a non-invasive aesthetic treatment at a physician’s office or medical spa this year. This report offers an unbiased view of their skin care goals, outcomes that they are expecting from their booked procedures, products that they are using in their morning and evening routines, their spending habits, their outlet preferences for skin care, and more.  

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