– By Jitin Bhasin
Embracing self-improvement in beauty is a growing trend among the new age India, alongside fuelling the per-capita income. A surge in discretionary spending, projected to reach over 65%, is expected to propel the cosmetic enhancement industry, set to double by 2025. Innovative 0% interest financing options address the hurdle of upfront costs, making popular treatments more accessible, fostering a promising partnership between healthcare providers and consumers.
1. Changing Economic Dynamics: With per-capita income in India poised to grow from $2000 to $5000 in the next decade as permissive spending on personal care is expected to rise sharply. This shift mirrors patterns observed in developed western economies, where individuals allocate a significant portion of their budgets to aesthetics. In addition, the spendings on personal care are projected to surpass 65%.
2. Influence of ‘Skinfluencers’ and Celebrities: The era of ‘skinfluencers’ and celebrities openly discussing cosmetic procedures has led to increased acceptance and curiosity. This cultural shift contributes to the anticipation that the cosmetic enhancement industry in India will double by 2025.
3. India as a Medical Tourism Hub: India’s medical tourism market reaches $9 billion, it has become a preferred destination for medical tourism, particularly in hair, skin, and cosmetic procedures. The combination of lower costs, high-quality facilities, and skilled professionals position India as a key destination.
4. Affordability Challenges: Despite the allure of cosmetic procedures, the high upfront costs remain a significant deterrent for many individuals. Even those with the means may hesitate to commit to substantial expenses without a more flexible financial solution.
5. Popular Procedures in demand: Non-invasive treatments such as anti-ageing facials, dermal fillers, and hair treatments are also gaining popularity. Surgical options like hair transplants and liposuction are also sought after, but their costs can be prohibitive.
6. Financial Solutions: Fintech solutions leverage digitization, offering 0% interest EMIs for cosmetic procedures and real-time credit assessments empower customers to manage costs effortlessly. Dermatology and aesthetic clinics increasingly offer affordable payment plans and streamlined financial processes benefit both providers and clients.
7. Future Projections: Growing interest, accessibility, and affordability suggest elective procedures will become mainstream. Envision a confident, transformed population positively impacting productivity and societal growth.
It is reasonable to believe that in the upcoming decade, more Indians will likely realize their dream through these elective procedures which are going to become mainstream on the back of rising consumer interest, accessibility, and affordability. This would not only enhance the confidence levels of our population but also have a positive impact on individual productivities and the society at large, thereby contributing to the growth of our economy.
(Jitin Bhasin is the CEO and founder of SaveIN.)
(Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited.)