SSIAs ‘will see cosmetic surgery spend up 20%’

WITH the first of the SSIA saving funds maturing next month, car dealerships are not the only businesses licking their lips.

Along with travel agents and home improvement retailers, cosmetic surgeons are also set to benefit, according to a private clinic that specialises in sculpting ageing bodies.

The €20 million-a-year cosmetic surgery sector will increase by at least 20% this year with the maturing of the SSIA funds, says Dr Salman, chief surgeon, Auralia Hospital in Dublin’s Parkwest.

This hospital has recorded an increase in initial consultations.

“There has been a tangible increase in the number of surgeries scheduled from May onwards and it is my perception that many procedures are being funded by the patient’s SSIA,” Dr Salman said.

Female SSIA holders aren’t the only ones contemplating spending their savings on plastic surgery. While breast augmentation is the most popular cosmetic procedure amongst women, an increase in consultations relating to male ‘boob’ reduction has been noted.

Unlike in the US, where well-heeled women in their 50s tend to be the mainstay of the cosmetic industry, prospective patients here tend to be young. About 38% of Irish patients are 18-29 years old, 26% were 30-49 years old and 36% were 50 years or older.

Dr Salman said: “At Auralia we have the strictest vetting policy. I personally consult a potential client to establish suitability determined by age, the reason behind the desire for surgery and psychological wellbeing. We stand over our reputation. We view our clients as patients, not customers and are driven by exacting standards and best practice.”

SSIAs enticed more than 1.2m of the State’s 2.7m adults.

From May this year to April 2007, €15 billion is due to be released, with an average payout of €13,800, according to Goodbody Stockbrokers. It estimates that more than half of the €15bn will be re-invested in property and equities, but that leaves some 40% hard-wired for spending.