(Finance) – How important is it for Italians to feel comfortable with their aesthetic appearance? But above all, how much does it cost? The data of theCompass Observatory dedicated to beauty and published on the occasion of the 2024 edition of Cosmoprof Worldwide Bolognaestimate that in 2023 Italians spent on average 320 euros for taking care of your physical appearance. The care of hair it is the most expensive: for extensions the average cost is 600 euros while for transplants it goes up to 930 euros. It is no coincidence that beauty salons and hairdressers are the businesses most frequented by those who regularly undergo beauty treatments, as well as those where they spend the most. The Buy Now Pay Later allows consumers who wish to invest in their body care the possibility of splitting the expense into several monthly instalments. It is therefore not surprising that BNPL is considered a useful tool by 6 out of 10 Italians, with peaks of 74% among Millennials.
Body care is close to the hearts of many Italians. For more than 8 out of 10 the care ofphysical aspect it is important because it helps you feel better, positively influencing self-esteem, self-confidence and mood. The motivations are different and shared across the board within the sample of interviewees: in first place is the attention to the physical appearance of the Gen Z, with 92% believing it to be important. For those who underwent beauty treatments in 2023, beauty centers and hairdressers were the most frequented establishments (respectively by 28% and 26% of those interviewed) and in 2024 they could be even more frequent, given that 57% of Italians declare themselves interested to beauty treatments, especially massages and treatments for the face and hair.
The average expenditure of Italians for i beauty treatments during 2023 it will stand at around 320 euros. And for 2024, there is no shortage of those (1 in 5) thinking of increasing the budget dedicated to taking care of their appearance. In detail, 13% spent around 257 euros on hair care, a similar percentage opted for massages therapeutic, sustaining an average cost of 312 euros, an amount almost in line with that reserved for relaxing massages, equal to 317 euros. But it is hair transplants, extensions and hyaluronic acid fillers that are on the podium of the most expensive treatments (around 930 euros, 600 euros and 500 euros respectively), even if they are still used by a small portion of the sample (between 2 and 4%).
The processing from the Compass Observatory demonstrate that those who undergo beauty treatments prefer to purchase a single session, paying each time, but that there are significant differences based on the type of treatment chosen. The purchase of packages or subscriptions takes place among the merchants who carry out the treatment in cycles of sessions, as in the case of permanent hair removal or localized fat reduction, with credit and debit cards at the top of the payment method preferences for the most expensive treatment cycles.
A tool of growing interest for traders and customers, useful for facilitating personal care expenses, is the Buy Now Pay Laterthe payment solution that allows you to defer spending without additional costs for the consumer and which is now known by over 40% of Italians, in particular Gen Z (52%) and Millennials (51%).
In the case of treatments aesthetic, BNPL is seen as a particularly advantageous option by over 60% of Italians, a percentage that rises from 74% among Millennials. The appreciation of the non-onerous payment deferral formula is transversal to the point of leading in many cases to increasing the budget reserved for the care of one’s physical appearance. In fact, over 30% of Italians would use BNPL to increase spending on beauty treatments, in particular among members of Gen X (38%).
“Wellbeing and care for physical appearance represent an increasingly widespread need among Italians – he commented Louis Peace, Central Director of Marketing & Innovation at Compass. The data from the Compass Observatory describe a solid spending trend, supported by the desire to improve one’s image, even if the cost of beauty treatment cycles can constitute an obstacle to the choice. Buy Now Pay Later represents a valid support in this sense, as demonstrated by the growing percentages of use among customers of commercial establishments – explains Pace. Being able to defer spending without any additional cost and in a simple and fast way is in fact an incentive to choose beauty treatments, often increasing the budget dedicated to self-care. BNPL therefore has strong potential for the sector, which thanks to this innovative financial solution can help retain customers and attract new ones, in a market of great interest also for younger generations”.