Fully 76 percent of prospective patients are unaware of financing options for cosmetic procedures, yet almost two-thirds of them would be more likely to book if they were aware that financing was a viable option, according to a survey by ZALEA, LLC.
The top 5 treatment categories consumers are seeking financing for are:
- Skin Rejuvenation (lasers, peels), 41 percent
- Body Surgery (breast augmentation, liposuction), 40 percent
- Non-surgical Body Contouring Treatments, 34 percent
- Injectables (BOTOX, dermal fillers), 32 percent
- Facial Surgery (Facelift, Eyelids), 28 percent
Rapid approval, along with credit card incentives, were shown to be a central component in the decision process to seek financing.
While all aspects of financing were of relative importance, survey respondents said that the length of the loan, total interest and annual percentage rate (APR) were most important when looking for credit options to finance a cosmetic procedure. However, millennials age 21-29, ranked monthly payment amount as most important when looking for credit options. This group also highly values time-saving perks including online applications and quick approvals—with 64 percent of them more likely to apply online.
"This study confirms that consumers today are doing their research online to identify the best dermatologists and aesthetic surgeons, and are seeking options to make cosmetic procedures more accessible and affordable,” says Mathew M. Avram, MD, JD, director of the Mass General Dermatology Laser & Cosmetic Center and director of Dermatologic Surgery at Massachusets General Hospital in Boston, and a member of the ZALEA Advisory Board.
Finally, consumers surveyed also reported the desire to finance lower than expected loan amounts—with nearly half (47 percent) interested in financing procedures totaling between $1,000 and $4,000. Moreover, 62 percent of millennials age 21-39 stated a willingness to finance these amounts. For those respondents considering financing cosmetic procedures with credit cards, 46 percent stated that incentives are important in the decision-making process.