Women Spend Nearly $1K on Their Appearance Each Year: See How Their Spending Compares to Men’s
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 by Consumer Reports found 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 a company 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.
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This article originally appeared on GOBankingRates.com: Women Spend Nearly $1K on Their Appearance Each Year: See How Their Spending Compares to Men’s
