Gabrielle Olya
·3 min read
Most women don’t think they overspend on their appearance. A recent GOBankingRates survey of over 1,000 American women found that less than 3% considered splurging on hair, nails or other beauty treatments as their worst money habit. However, this doesn’t mean they’re not spending in this category.
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A separate survey conducted by Advanced Dermatology found that women spend an average of $877 per year on their appearance. Here’s a look at how that number breaks down, and how women’s spending compares to men’s.
Women Spend Roughly $300 More Than Men on Their Appearance Each Year
According to the Advanced Dermatology survey, men spend an average of $592 per year on their appearance — $285 less than women.
The survey also looked at which categories Americans spent the most money on: hair products (71%), skincare (69%), shaving products (67%), lotion (62%), haircuts (56%), supplements/protein powders (44%), makeup (41%), hair color (30%), gym memberships (24%) and hair removal (16%).
Women’s top spending categories are skincare, hair products, and haircuts and color — the last of which often costs significantly more for women than for men.
In addition to paying more for haircuts, women often spend more than men on categories like hair products, skincare and shaving products due to what’s known as the pink tax. A 2015 study done byConsumer Reportsfound that some of the largest price discrepancies between men’s and women’s versions of the same products were found in shaving cream, pain relievers, eye drops and body wash.
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“By many estimates, the pink tax costs women an average of $1,300 annually,” Jeanne Sun, general manager of inclusive investing for J.P. Morgan said in acompany blog post. “If the same amount were invested into a retirement fund each year, that would amount to about $16,000 over 10 years — assuming an annual return of 5% — and nearly $160,000 over a 40-year work life.”
Women’s vs. Men’s Appearance Spending: A Breakdown
The survey also looked at individual spending categories, and in five of the seven categories analyzed, women spent more.
On average, women spent more for haircuts ($228 per year versus $168 per year for men), makeup ($23 per month versus $5 per month for men), skincare ($28 per month versus $17 per month for men), hair products ($24 per month versus $15 per month for men), and nails ($16 per month versus $2 per month for men).
Men only outspent women in two categories: gym memberships and fitness classes ($18 per month versus $11 per month for women), and supplements and protein ($23 per month versus $16 per month for women).
Women also spend significantly more on cosmetic procedures. The survey found that the average American woman has spent $1,120 on cosmetic procedures while the average man has spent just $159.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Women Spend Nearly $1K on Their Appearance Each Year: See How Their Spending Compares to Men’s
As someone deeply entrenched in the realm of personal finance and consumer behavior, it's evident that the article by Gabrielle Olya on GOBankingRates sheds light on the intriguing dynamics of spending habits, particularly focusing on the significant financial investment women make in their appearance.
The data presented in the article stems from a comprehensive survey of over 1,000 American women conducted by GOBankingRates, coupled with insights from another survey carried out by Advanced Dermatology. This dual-source approach enhances the credibility of the findings, ensuring a more nuanced understanding of women's spending habits on beauty treatments and products.
The GOBankingRates survey reveals a stark contrast between perception and reality when it comes to women's spending on appearance. While less than 3% of women considered splurging on beauty treatments as their worst money habit, the Advanced Dermatology survey unveils a compelling statistic: an average annual spending of $877 per woman on their appearance.
Digging deeper into the breakdown of expenses, women emerge as the leading demographic in expenditures, outspending men by approximately $300 annually. The categories with the highest expenditure include hair products (71%), skincare (69%), shaving products (67%), lotion (62%), haircuts (56%), supplements/protein powders (44%), makeup (41%), hair color (30%), gym memberships (24%), and hair removal (16%).
The article aptly touches upon the concept of the "pink tax," a phenomenon where women often pay more than men for similar products and services. The 2015 study cited from Consumer Reports highlights notable price discrepancies in items like shaving cream, pain relievers, eye drops, and body wash. Jeanne Sun, the general manager of inclusive investing for J.P. Morgan, estimates that the pink tax costs women an average of $1,300 annually, making a compelling case for its economic impact.
Further dissecting individual spending categories, women consistently outpace men in five out of seven analyzed areas, including haircuts, makeup, skincare, hair products, and nails. Notably, women also allocate more funds to cosmetic procedures, spending an average of $1,120 compared to the average man's $159.
In conclusion, this article underscores the intricate interplay between perception, spending habits, and gender-based pricing in the realm of personal care and appearance. The combination of surveys, statistical data, and expert commentary enriches the narrative, providing readers with a comprehensive understanding of the financial landscape shaping women's spending choices.
