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What's Driving the Personal Services Market 2025-2034: The Role Of Stable GDP Growth In Expanding The Personal Services Market
Personal Services Global Market Report 2025
The market size for personal services has significantly expanded in the past few years. Its growth is expected to continue, increasing from $1264.18 billion in 2024 to $1378.03 billion in 2025 with a compound annual growth rate (CAGR) of 9.0%. This surge in the historical period is due to factors such as evolving lifestyles, the aging demographic, health and wellness tendencies, an increase in disposable income, and urbanization.
In the upcoming years, the personal services market size is projected to witness substantial growth, surging to $1893.85 billion in 2029, with a compound annual growth rate (CAGR) of 8.3%. The escalation during the predicted period is tied to factors such as digital transformation, environmental sustainability, social interaction and wellbeing, alongside diverse and cultural services. The forecast period will see major trends like digital transformation and online services, subscription-based and membership models, remote as well as virtual services, and growth in digital marketing and e-commerce.
What Are the Main Catalysts for Growth in the Personal Services Market?
The expansion of the personal services market is projected to be fueled by consistent economic growth in both established and developing nations. As per the International Monetary Fund (IMF), the global real GDP increased by 3.6% between 2021 and 2023. The market growth is also expected to benefit from the revival of commodity prices following a significant slump in the past. Developed economies are likewise poised for stable growth within the predicted timeframe. Furthermore, it is anticipated that emerging markets will outpace developed ones in growth rate during the forecast tenure. For example, official statistics from the World Bank reveal a brisk 8.2 percent growth in India's GDP in 2023/2024. Consequently, consistent economic enhancement is predicted to boost disposable income, thereby promoting the demand for personal services.
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Which Businesses Are at the Forefront of Personal Services Market Development?
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.
What Are the Latest Innovations in the Personal Services Market?
Beauty salons, spas, and other personal care service providers are progressively promoting their services via digital platforms. These web-based portals or apps enable clientele to schedule meetings with beauty experts who deliver services such as hairstyling, cosmetology, massage therapy, and more, directly at the customer's location. For example, Lisa is a digital platform that delivers haircuts, massages, manicures, and more right to your doorstep with a pre-made reservation. Other similar personal care service platforms that operate online include Glamsquad, Urbanclap, Luxit, and Glamazon.
How Is the Personal Services Market Segmented?
The personal services market covered in this report is segmented -
1) By Type: Personal Care Services, Death Care Services, Dry-Cleaning And Laundry Services, Other Personal Services, Private Household Services
2) By Mode: Online, Offline
3) By Distribution Channel: Specialist Retail Stores, Super markets/Hyper markets, Convenience Stores, Pharmacies/Drug Stores, Online Retail Channels, Other Distribution Channels
Subsegments:
1) By Personal Care Services: Hair Care, Skin Care, Nail Care, Spa And Massage Services, Other Personal Care Services
2) By Death Care Services: Funeral Homes And Funeral Services, Cemeteries And Crematories, Other Death Care Services
3) By Dry-Cleaning And Laundry Services: Dry-Cleaning Services, Coin-Operated Laundromats, Industrial Laundries, Other Laundry Services
4) By Other Personal Services: Pet Care Services, Wedding Services, Event Planning Services, Personal Coaching And Counseling, Other Miscellaneous Personal Services
5) By Private Household Services: Home Cleaning Services, Childcare Services, Elderly Care Services, Other Household Support Services
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Where Is the Personal Services Market Growth Most Prominent?
Asia-Pacific was the largest region in the personal services market in 2023. North America was the second-largest region in the personal services market. The regions covered in the personal services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Is Covered In The Personal Services Global Market Report?
- Market Size Analysis: Analyze the Personal Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Personal Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Personal Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Personal Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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