SOURCE: Edward Domanskis, M.D.

January 29, 2008 16:10 ET

Economic Uncertainty Affects Cosmetic Surgery

NEWPORT BEACH, CA--(Marketwire - January 29, 2008) - As the economic downturn continues, businesses that rely on discretionary income have suffered. A prime example of this is the cosmetic surgery industry. The Conference Board reported today that the Consumer Confidence index, which monitors consumers' feelings about the state of the economy, fell sharply in January. The public's negative perception of the economy has decreased their spending.

"The number of patients I am seeing in my practice has decreased significantly in the past several months," says Dr. Edward Domanskis, a plastic surgeon in private practice in Newport Beach, California. "This has led me to adjust my surgical fees downward by 20% for the first time in my career," continued Dr. Domanskis, President of the American Society of Bariatric Plastic Surgeons.

However, there have been some unexpected benefits to this slowdown like the Federal Reserve decreasing interest rates, which has translated in lower consumer loan rates. "We have seen more patients taking advantage of these historically low rates which make their cosmetic surgery financing more affordable than ever," says Tony Seymour, SVP of Sales CareCredit, a subsidiary of General Electric and a leading finance company in the cosmetic surgery industry.

Also, the lower interest rates have decreased the value of our dollar. This has resulted in an influx of foreign visitors and their spending. "I have definitely seen an increase in European patients seeking cosmetic surgery," said Dr. Domanskis. "I trust that this and my own economic stimulus package for my plastic surgery practice will help during this unsettling time," he said.

It is estimated that about 11 million people had cosmetic surgery or a non-surgical procedure like BOTOX®Cosmetic this past year, which would be about the same as statistics reported by the American Society for Aesthetic Plastic Surgery for 2006.

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