Premium automotive and luxury goods also thrive during uncertain financial times.
(PRUnderground) September 28th, 2022
The global beauty and aesthetics industry is about to experience something of a renascence, that’s according to device distributor Laseraid.
According to Laseraid, industries such as beauty, premium automotive and luxury goods thrive during challenging or uncertain financial circumstances. The global financial crisis (2008-2009), the European sovereign debt crisis (2009-2019) and the East Asian Economic Crisis (1997-2001) were cited as examples of unstable economies with unusual green shoots across the aforementioned industries.
Interestingly, several psychological factors are at play, across a range of socio-economic backgrounds, with the underlying factor being uncertainty.
When external circumstances beyond the control of an individual are in a state of flux, there is an overwhelming and rational urge to create stability. Still, this urge may not be grounded in common-sense. While it’s not logical to buy a Louis Vuitton bag to overcome financial fears, this is the action many people take. Not limited to those with immediate concerns such as paying the mortgage or losing a job, those at the higher end of town will also strive to calm the financial storm using their wallet. High-end automotive struggled during Covid due to a shortage of parts from China, but the wait list for vehicles grew compared to mid or low-range vehicles.
Laseraid says that the beauty industry can expect similar results as interest rates rise and mortgage pressure grows over the next twelve to eighteen months. In fact, as a supplier to clinics, they are encouraging their clients to focus on luxury treatments rather than offerings that are outcome-focused, but don’t offer the client a unique experience.
While the next two years may be uncertain for many, it seems that those in the beauty industry have something to smile about.
Laseraid is the creator of the ‘clinic in a box,’ clients receive a brand name device, marketing support, training, servicing and an online credit for clinic supplies, all for a low weekly fee. Laseraid has offices in Australia and the UK, with the United states coming online soon.
Laseraid helps beauty businesses start, grow and flourish. Our unique subscription model (the ’clinic in a box’) offers marketing support, training, servicing and a brand name device for a simple weekly fee.
Original Press Release.