As our last article pointed out, there is raw data that suggests consumer demand for aesthetics is increasing. With record levels of unemployment and several states continuing their lockdown, it begs the question: why is aesthetic demand increasing?
Additionally, is aesthetics an anomaly compared to other industries?
Maybe not. Search Engine Land, one of the leading digital marketing publications, pointed out that businesses in even the hardest-hit industries, such as travel, have started advertising again, and this may be based on shifts in consumer behavior. We can see that “vacation” is trending up over the past week or two.
Still, aesthetics is unique, and we will dive into the psychology of why consumer demand may be rising in this article.
5 Reasons to be Optimistic About Aesthetics
1) People need to get back out: We’ve all been cooped up indoors with no sports and very little entertainment outside of our homes. Even city, county, and national parks have been closed!
Many people are itching to get outside and (safely) resume some level of normalcy. This starts with going to your favorite restaurant, visiting your favorite park, and even booking an appointment with your favorite aesthetic provider!
2) Our grooming habits have suffered during this lockdown: in addition to the lack of entertainment, local barbershops, beauty salons, and spas have shut down. As have med spas, dermatologists, and plastic surgeons, in some capacity. This means no haircut, no manicured nails, no massage, and…no Botox! No microneedling! No CoolSculpting! No surgery!
And with most people working from home…
3) Zoom is constantly reminding people how they look! Studies have shown that social media has played a role in an “increased acceptance of cosmetic surgery.” Why? Because people can see themselves unfiltered and the use of photo-editing software (to make you look “better”) is so accessible.
During the lockdown, many businesses have been turning to Zoom and other video conferencing solutions to connect with colleagues. Interestingly, there’s an option in Zoom to “touch up my appearance” but it doesn’t seem to do much of anything!
This means you get a front-row seat to seeing yourself as others see you, which might get you thinking about some personal beauty or anti-aging treatments.
4) Many fortunate consumers did not lose their job but have stimulus money: the aesthetic industry has always targeted individuals with disposable income. Right now, as I mentioned above, we’re facing unemployment levels that may rival the Great Depression.
However, most Americans did not lose their jobs, AND on top of that, they received stimulus checks from the government. For many, this means more “spending money,” possibly for a home repair or improvement, or possibly for some self-improvement in the form of an aesthetic treatment.
5) Doctors’ offices are some of the cleanliest places you can visit: restaurants are opening back up with safety guidelines in place. Still, it would not surprise me if many Americans, especially those with families, are a little reluctant to run out to their favorite restaurant right now. These folks may be more bullish on visiting recently opened local parks, because of the open air, but have trepidation about their kids getting on the playground equipment.
The reason for their concern is safety or the perception of safety. Aesthetic practices are different though as they need to be one of the cleanliest places you walk into. There are different health and safety standards an aesthetic practice holds itself to, much like a hospital, but without the sick people!
The key here is cleanliness and the perception of cleanliness. Therefore, as you re-open we strongly suggest you clearly outline the safety precautions your staff is implementing.
Another Vote of Confidence for Aesthetics
For what it’s worth, Mad Money’s Jim Cramer is also bullish on healthcare, including medical and aesthetic practices, bouncing back the quickest. While Cramer has been wrong about many of his stock predictions, his reasons for expecting healthcare, in general (not just as it pertains to healthcare stocks), to rebound more quickly are sound. Pent-up demand from being on lockdown for over a month is one of those reasons.
When you evaluate both the data and trends as well as the psychology, there’s a very strong case to be made that consumer demand is increasing and will continue to increase in the coming months.
The question then becomes, what will your practice proactively do to take advantage of this demand? You need a thorough game plan and a strong marketing team that can deliver results.
Here are some additional resources from TRBO to help your aesthetic practice navigate the Coronavirus chaos:
- Aesthetic Consumer Demand Update Part I: Data Trends
- Step-By-Step Guide for Re-Opening Your Practice Post-Coronavirus
- What Aesthetic Practice Owners Should be Doing Right Now to Help Their Marketing
- Coronavirus Resource Guide for Aesthetic Practices
- 4 Ways Your Aesthetic Practice Can Survive the Coronavirus
- Which Virtual Consultation Software is Best
- 6 Ways to Be Prepared to Re-Open After the Coronavirus Shutdown
- 5 Ways Your Practice Can Generate Revenue While You’re Closed
TRBO Can Help Your Practice Prepare to Re-Open and Capture Market Share
If you would like help with setting up an online store or simply strategizing about your re-opening game plan then schedule a strategy session our growth expert Sonja Vaisz. You can also reach TRBO directly at 877-673-7096 x2 and drop us a line here.