A recent Mozo lifestyle habits survey has found that beauty does come at a price - $32.9 billion a year to be exact. And it is one of our fastest growing areas of spending, up 49% on last year.
And while women still dominate the beauty field by spending $167 a month, men are catching up fast, and now spend $125 a month on appearance related expenses.
“Male grooming used to be limited to a shave, a new haircut and a spiffy suit but the standards of beauty are being redefined. One in five Australian men are now getting manicures and pedicures and they’re not afraid to drop cash on other luxuries like hair colouring, skin care treatments and hair removal,” said Mozo Director, Kirsty Lamont.
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Men’s grooming products, gym memberships and vitamins were the three most popular vanity products purchased by men - women stuck to the basics, spending their money on hair colouring and skin care products.
“As a nation, it’s safe to say we’re more invested in our appearance than ever before. The results are surprising given the increase in cost of living and the financial strain that many Australian households are under,” says Lamont.
While the urge to primp and polish ourselves continues to rise, Mozo Director Kirsty Lamont reminds Aussies on the importance of keeping to a budget to spare ourselves from “financial pressure or potential debt.”
Tips to help stick to your vanity budget
Give yourself a cooling off period - If you are into keeping up appearances, you probably like to stay on top of latest skin care or cosmetic releases. While it’s always tempting to try the ‘next best thing’ in the beauty world, give yourself a cooling off period to avoid impulse purchases. But if you are still keen to get your hands on that $40 mud mask, try searching online to find a better deal.
Follow some rules - We all have those stores we can’t resist walking into, so set some rules when you do your shopping. For example, only buying an item if it’s on sale or giving yourself a spending limit. It might also be a good idea to start basing your purchases on the amount of times you’ll use them. There’s no point in dropping $80 on that new Urban Decay palette if you’ll only reach for it once a month but that $80 Marc Jacobs foundation you’ll wear everyday might be worth it.
Start a cash-only diet - If you really want to see how much you’re blowing on your makeup or hair, start paying with cash only. This way, you’ll be more clear on if a product is really worth the splurge.
Switch to pharmacy brands - When it comes to skincare and makeup, price doesn’t always determine quality. While high-end products look and feel luxurious, you’d be surprised at how many cheaper alternatives there are at places like Priceline or Chemist Warehouse that work just the same.
Get creative with your workouts - Instead of burning off $70 a month on a gym membership, Youtube has thousands of full-length workouts that you can follow along for free! Or if lifting weights are more your thing, try filling empty bottles with sand or dirt.
Want to know more on how you can start using your money more wisely? Check out our Life and Money hub for more tips!