Americans still have jobs and are continuing to spend — on plastic surgery, motorcycles and cruises — leading many to revise their doom-and-gloom forecasts
By Abha Bhattarai
Published August 15, 2023 at 6:00 a.m. EDT
Bob Basu was surprised when demand for facelifts, tummy tucks and liposuction surged early in the pandemic. But he’s even more amazed that it’s not over yet — well through a three-year recovery and into a bustling summer when, by most accounts, the economy was supposed to be deep in recession.
Instead, the Houston plastic surgeon’s business is booming. Cosmetic procedures have doubled from pre-covid levels and are expected to grow another 15 percent this year. He’s raised prices, hired another surgeon and, still, is booked through the fall.
“All parties come to an end, but this one just keeps going,” Basu said. “We anticipated things would cool this year — people are dealing with inflation, they’re worried about recession and economic volatility. But I am happy to report I was incorrect: Demand just keeps growing.”
It’s no secret the United States appears to have sidestepped economists’ worst fears of a recession. Many business owners began this year bracing for the worst — expecting to slash budgets and lay off employees. That fear was particularly acute for those, like Basu, in corners of the economy that specialize in nice-to-have luxuries that are often the first to get cut when times get tough.