AUSTRALIA, you look like $100 billion.
That is the price tag for our combined annual spending on improving our physical appearance, a new study reveals.
Suncorp Bank’s Cost Of Looking Good report, released today, says we splash out $8 billion a month on clothes and shoes, accessories and jewellery, hairdressing and hair products, skin care services and products, cosmetics, personal grooming, manicures and pedicures.
It also includes “cosmetic enhancements’’ ranging from teeth whitening and Botox to tattoos and body piercings.
The study shows that Victorians are the most vain, with a monthly spend of $707 each while those in NSW spend $669.
Queenslanders are more laid-back about the way they look.
The average $353 monthly spend in Queensland is 41 per cent less than the Australian average of $594 – and well below the self-proclaimed fashion capitals in the southern states.
The report debunks the myth that women are more vain than men.
“Nearly half of men indicated they had purchased skincare products in the past month,’’ Suncorp Bank regional manager Monique Reynolds said. “And more than a quarter confessed to having bought make-up.
Men also outspent women in these products.
Females do, however, spend nearly twice as long on personal grooming at home – 100 minutes a week, compared to 60 minutes.
The average Australian spends more than half a day in total each month beautifying themselves or shopping for clothes and other fashion and grooming items.
Generation Y is the most willing to splash out on enhancing their self-image.
Those aged 25 to 34 are more likely to buy all the products and services and spend significantly more than other age groups.
Most people said they wanted to look good for themselves and/or their partners.
“More than a third of people said they only took the time to dress up for special occasions … and more than a quarter admitted they aren’t worried about their appearance,’’ Reynolds said.
She said despite the huge amount spent on looking good, it was encouraging that most people budgeted for the expenses.
The survey, part of Suncorp’s “Cost of Living” research series examining Australians’ financial behaviour, interviewed 1226 people aged 18 to 64 nationwide.