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A new nose, a new you?
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July 14, 1998: 4:01 p.m. ET
'Vanity spending' is rising for plastic surgery, diets and personal trainers
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NEW YORK (CNNfn) - The stock market is booming, inflation is barely a whisper and Americans are spending more than ever to look good.
From face lifts to personal trainers to the latest diet plans, so-called 'vanity spending' has never been higher, according to industry analysts.
"It's only natural that people want to look good," said Dr. Bill Beeson, president of the American Academy of Cosmetic Surgery. "We're finding people who are saying, 'Instead of a new car, I want to get my eyelids done.' "
Breast augmentation and liposuction procedures have nearly tripled in the last five years, Beeson said. Neck tucks and hair transplants for men have also risen dramatically, he said.
"Cosmetic surgery is comparable to a two-week cruise or a fur coat," Beeson said.
Likewise, people aren't scrimping when it comes to their abs and their pectorals.
The number of people using personal trainers at Crunch Gyms in New York rose from two percent to 30 percent this year, said founder Doug Levine. People are also splurging on massages and nutritional counseling.
"In a booming economy, people have to look good," Levine said.
As far as dieting goes, Americans spend more than $33 billion on weight control products, according to the American Dietary Association At any time, 25 percent of men and 45 percent of women are trying to lose weight.
"People want a quick fix," said Dr. Keith Ayoob, a spokesman for the ADA. "They want immediate results."
The cosmetics industry is also growing at a comfortable pace, thanks to better product lines and renewed consumer interest, said Lynne Hyman, a director at CS First Boston in New York.
"It's a category people like to play with," Hyman said. "People are having more fun with (cosmetics)."
Americans spend about $30 billion a year on cosmetics, according to the U.S. Food and Drug Administration.
Exercise equipment and other feel good items are a form of "luxury spending" that occurs in a good economy, said Lynn Franco, associate director of the consumer research center at the Conference Board. The New York research group publishes the closely-watched Consumer Confidence Index.
"There's been an increase in any pampering -- like spas, or any treatment that would be considered a luxury," Franco said. Consumer confidence is at a 30-year high, so people are willing to splurge on big-ticket items, she said.
Then again, Franco said, when times change, those items are normally the first to go.
--by staff writer Martine Costello
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