Press release
Personal Services Market Report 2024: Strategies And Recent Developments | Service Corporation International, Elis SA, Fantastic Sams, Weight Watchers International Inc
Personal Services Market Size
The Business Research Company offers in-depth market insights through Personal Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The personal services market size has grown strongly in recent years. It will grow from $1271.06 billion in 2023 to $1379.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to changing lifestyles, aging population, health and wellness trends, rising disposable income, urbanization.
The personal services market size is expected to see strong growth in the next few years. It will grow to $1891.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to digital transformation, environmental sustainability, social engagement and wellbeing, cultural and diversity services. Major trends in the forecast period include digital transformation and online services, subscription and membership models, remote and virtual services, digital marketing and e-commerce.
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Market Segmentation:
The main types of personal services are personal care services, death care services, dry-cleaning, laundry services, other personal services, and private household services. Personal care services are hands-on services that help a person with essential daily chores that they are unable to do on their own. The different modes include online, and offline and are distributed through various channels such as specialty retail stores, supermarkets/hypermarkets, convenience stores, pharmacies/drug stores, online retail channels, and others.
Major Driver - The Role Of Stable Gdp Growth In Expanding The Personal Services Market
The personal services market's growth is expected to be aided by a stable economic growth forecast in many developed and developing countries. According to the International Monetary Fund (IMF), the global real GDP growth reached 3.6% from 2021 to 2023. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. For instance, according to official data from the World Bank, the GDP of India increased to $3173.40 billion in 2021, compared to $2667.69 billion in 2020. Therefore, stable economic growth is expected to increase disposable incomes, driving the demand for personal services.
Competitive Landscape:
Major companies operating in the personal services market include Service Corporation International, Elis SA, Fantastic Sams, Weight Watchers International Inc, Spotless Group Holdings Ltd, Tivity Health, Dignity plc, Regis Corporation, ProSiebenSat.1 Media SE, CSC Serviceworks Holdings Inc., Great Clips Inc., Sport Clips Haircuts, Supercuts Inc., Massage Envy Franchising LLC, European Wax Center Inc., Hand and Stone Massage and Facial Spa, Massage Heights Franchising LLC, Elements Massage, L A Fitness International LLC, 24 Hour Fitness Worldwide Inc., Anytime Fitness Inc, Gold's Gym International Inc, Planet Fitness Inc., CRUNCH Fitness International Inc, Orangetheory Fitness, SoulCycle Inc., Pure Barre, The Bar Method, CorePower Yoga LLC, Equinox Holdings Inc., Life Time Inc., PetSmart Inc., Rover Group, Inc., Wag Group Co, Chewy Inc., Petco Health and Wellness Company Inc., Banfield Pet Hospital, VCA Antech,Inc., Funeral Directors Life Insurance Co, Match Group Inc.
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Top Trend - Revolutionizing Beauty Services With Online Platforms For Personal Care
Personal care service companies such as beauty salons and spas are increasingly marketing their services through online platforms. These websites or applications allow customers to book appointments with beauticians who provide services such as haircuts, styling, makeup, massage, and others at the customer's premises. For instance, Lisa, an online platform offers haircuts, massages, manicures, and others at home upon making a prior booking. Other such online personal care service platforms include Glamsquad, Urbanclap, Luxit, and Glamazon.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Personal Services Market Characteristics
3. Personal Services Market Trends And Strategies
4. Personal Services Market - Macro Economic Scenario
5. Personal Services Market Size And Growth
…..
27. Personal Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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