It seems Australians have either endured the economic downturn very well, or have a higher preference on appearances than many other countries, according to some recent statistics. Like the USA, more and more Australians are electing to undergo a range of cosmetic surgery procedures, in an effort to turn back time and “look as good as they feel”.
With Australians undergoing a range of cosmetic procedures from eyelid surgery, nose surgery, breast augmentation and liposuction, the market has seen significant growth over the past few years.
In 2010 Australia spent in excess of $1bn on cosmetics, and industry experts have revealed that it has continued to rise since.
While specific numbers of procedures are yet to be properly recorded (partially due to the surgery being elective), overall spending indicates a significant market for the cosmetics industry. Comparing to the USA, who spend around $10.1bn on surgical and non-surgical procedures, Australians actually spend more per capita than their northern hemisphere counterparts – almost 40% more, a figure that’s quite staggering considering the size and development of the country.
With Australia spending $454,500 per ten thousand people, and USA spending $328,000 per ten thousand people (with currencies being roughly the same upon statistics) it’s no wonder why large insurance companies such as NIB are setting up shop to take advantage of Australia’s cosmetic tourism industry.
Many of the people seeking cosmetic surgery are over the age of 65, with 92% of patients being women. Men are yet to jump on the cosmetic band wagon, but industry is starting to feel some traction, with many skin care products now aimed at men.
The procedures most in demand in 2009 were eyelid surgery, nose surgery, breast augmentation, breast lifts and liposuction, which accounted for around 67% of Australia’s total cosmetic surgical procedures. Dr. Russel Knudsen estimated that around 16,000 breast augmentations and 15,000 liposuction procedures were performed in 2010, with procedures such as anti-wrinkle injections also on the rise, accounting for around $300 million p.a..
There is some concern for the Australian cosmetics industry however, with many Australians seeking international procedures in countries such as Thailand, where the Australian dollar and economy makes cosmetic procedures comparatively cheap. The major concern (aside from a loss of revenue) is the quality of procedures and the increasing number of Australians returning with botched cosmetic procedures, which has not only caused many complications for patients, but also poses a burden on the Australian medical system.
While the news of increased spending might seem positive for the cosmetics industry, it’s also a concern for the Australian Psychological Society, which have suggested that recent figures may indicate serious underlying psychological issues among Australians.
With Australia holding it’s title with many of the most livable cities in the world, perhaps it means Australians are better able to afford cosmetic procedures than ever before, making cosmetic surgery a more viable option for many people who previously had to learn to love their body. The question still remains as whether the public will continue to accept cosmetic surgery, or not. But if so, how high will the market will soar?
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