Nose Jobs Take a Nosedive

Several months ago, The American Society of Plastic Surgeons said plastic surgery spending rose 3% in 2011 over 2010, as people had "more extra money to spend on themselves." But late in 2011, 62% of members of the American Society of Plastic Surgeons said their business was down 20% or more from the year before. Since insurance does not cover most cosmetic procedures, that decline should not be all that surprising. It appears that the trend that began in the fourth quarter of 2011 has continued into 2012. In addition, more Americans are putting off medical treatments that they truly need as well as cosmetic procedures that they would like.

Characterized by stubbornly high unemployment levels, stressed disposable income levels and a declining savings rate, the sluggish economy has prompted more Americans to put off medical tests, prescriptions and so-called elective procedures. People are cutting back on cosmetic surgery and other elective surgeries in response to the dismal economy, reversing the booming popularity of tummy tucks, eye lifts, and breast implants, which had soared in popularity in recent years, particularly among the middle class. This has prompted Mesirow Financial's chief economist, Diane Swonk, to forecast elective surgery spending to drop relative to other personal consumption in 2013. ...431 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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