No, cosmetic surgery is not recession proof. Even the very high-end, in-demand cosmetic guys have made comments at meetings and in the traditional media (see NY Times article about a month ago) that their waiting lists are shrinking and that patients are putting previously planned work off. An acquaintance of mine commented recently that he's suddenly working hard to get the breast recon consults that he'd previously been less than interested in. Why? He's getting fewer and fewer cosmetic patients. The earlier mention of cosmetic surgery be financed with cheap credit is very true -- lots people were putting boobs on their Mastercard.
This applies to any field -- if you're a one-trick-pony, you'd better make sure that trick will last. In PRS you'd better keep your recon ties going unless your name is Baker, Stuzin, or Maxwell.