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, 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.
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.
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.
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.
Co-head of Fashion and Beauty, Barclays Corporate Banking
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