Over the last decade, a clear pattern has emerged: consumers may be cutting back elsewhere, but when it comes to self-care, they’re willing to spend. Beauty spending has consistently maintained its strong growth trajectory since April 2021, at an average of 10.4% year-on-year 2021-2024. The average monthly expenditure on gym memberships has increased by 10.6% since January 2019, indicating that people are investing not only to look good but to feel good too.
A digital-first beauty boom
Social media continues to reshape what beauty means – and how it’s bought. TikTok trends, skincare influencers and ‘dupes’ (affordable alternatives to high-end products) have created a new wave of affordable aspiration.
20% of all consumers – and 33% of those aged 18-33 – now spend a greater share of their income on beauty than they did 10 years ago
27% say they’ve started buying more ‘dupe’ products
44% of 18-34-year-olds invest more in skincare than they did a decade ago
The pressure to look good
This boom isn’t just about joy – it’s also about pressure. From cosmetic procedures to weight loss medication, the aesthetics industry is evolving rapidly, often reflecting deeper anxieties around beauty, identity, and societal expectations. As demand grows, so too do the ethical questions around access, influence, and impact.
62% have noticed weight loss medicine rising in popularity
55% have noticed a rise in cosmetic procedures
22% feel more pressure to look good and keep up with beauty trends than they did 10 years ago
Younger generations driving spend on non-essentials
Gen Z are leading the way when it comes to non-essential spending. Compared to other age demographics, they are more likely to prioritise categories such as beauty, dining and drinking out, electronics and streaming services.
These bar charts show the percentage of respondents who prioritise spending on the following categories more than they did 10 years ago: beauty, eating/drinking, electronics, streaming subscriptions. From left to right, bar chats are segmented via the following age demographics: Gen Z (18-27), Millennials (28-43), Gen X (44-59), Boomers (60+), Silent Generation (80+)
This line chart shows how net concern among survey respondents has increased or decreased monthly from March 2024 across the following financial categories: inflation, food prices, shrinkflation, interest rates, digital content costs and rent/mortgage costs. It tracks which issues people are most concerned about in response to the survey question, “To what extent, if at all, are you concerned that the following will have a negative impact on your household finances?”
- X-axis: Spending category
- Y-axis: Percentage of respondents who prioritise spending on the respective category more than they did 10 years ago.
Data highlights:
- Percentage of respondents who prioritise spending on beauty more than they did 10 years ago: 30% of Gen Z, 24% of Millennials, 10% of Gen X, 8% of Boomers, 4% of the Silent Generation
- Percentage of respondents who prioritise spending on eating/drinking more than they did 10 years ago: 40% of Gen Z, 18% of Millennials, 10% of Gen X, 15% of Boomers, 10% of the Silent Generation
- Percentage of respondents who prioritise spending on electronics more than they did 10 years ago: 30% of Gen Z, 19% of Millennials, 14% of Gen X, 9% of Boomers, 10% of the Silent Generation
- Percentage of respondents who prioritise spending on streaming subscriptions more than they did 10 years ago: 33% of Gen Z, 30% of Millennials, 26% of Gen X, 17% of Boomers, 11% of the Silent Generation
What this means for brands
Beauty and wellness spending is on the rise, but so is consumer scrutiny. Brands must meet demand with authenticity and emotional intelligence.
“There’s a line between self-care and social pressure – and consumers are walking it every day. We’re now more exposed to health and beauty trends than ever, and treatments or ‘tweakments’, are booming as consumers seek to be the best version of themselves and keep up with the ‘virtual’ Joneses.”
Isabella Clough, Co-Head of Fashion and Beauty at Barclays Corporate Banking
Get in touch
To discuss your business requirements and how Barclays can support you, contact us today.